FMP
Booking Holdings Earns an Upgrade at Benchmark
Jul 12, 2024 1:57 PM - Davit Kirakosyan
Image credit: FMP
Benchmark analysts upgraded Booking (NASDAQ:BKNG) to Buy from Hold, setting a new price target of $4,700 per share. The analysts highlighted the decision to align the rating with their positive long-term outlook for the company, despite current economic uncertainties and anecdotal reports of spending reductions in key European markets.
The analysts cited increased resilience in EMEA regions, better-than-expected growth in APAC, and growth in Latin America as key factors boosting confidence in Booking Holdings' potential to outperform consensus estimates over the next 18 months. Additionally, they noted that the company is expected to continue gaining market share, with further expansion anticipated in North America.
The new price target of $4,700 per share is based on a multiple of 20 times the estimated 2025 cash EPS of $235, or 16 times adjusted EBITDA.
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