Wedbush upgraded Booking Holdings Inc. (NASDAQ: BKNG) from Neutral to Outperform with a $6,000 price target, citing the online travel agency's strong global presence, efficiency gains, and resilient travel demand.

The firm said Booking continued to expand its share in alternative lodging while improving cost structures, allowing for reinvestment to fuel long-term growth targets. Wedbush also highlighted the company's strong free cash flow conversion, liquidity position, and consistent execution across key strategic initiatives.

In the third quarter, Booking reported solid results across all major metrics, with management noting robust travel demand in every major region, particularly in Asia and other international markets.

Wedbush said global travel trends remained healthy relative to expectations and that the company's shares, which had fallen roughly 8% over the past three months, were trading near the lower end of their two-year valuation range at around 17.6 times its 2027 GAAP EPS estimate.

The firm reaffirmed its view that Booking was the best-positioned global OTA given its scale, diversification, and proven operational discipline.