TripAdvisor (TRIP) presents several "underappreciated" catalysts, offering an attractive entry point to a global online travel leader, Wedbush said in a note Tuesday.

Among the catalysts are shareholder activist involvement by Starboard Value, which has an over 9% stake in the company and a cooperation agreement for board seats, the note said.

Also, TripAdvisor has an ongoing strategic alternatives review process for TheFork, a non-core segment that Wedbush values at about $1 billion, the report said.

The note also pointed to a "high-growth" Experiences division, which trades at a "significant" discount.

"For investors seeking exposure to a global online travel leader at a dislocated valuation with multiple potential catalysts on the horizon we believe TripAdvisor offers an attractive entry point at current levels," the report said.

Wedbush assumed coverage of TripAdvisor with an outperform rating and $19 price target.

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