UPDATE: Argus Upgrades Booking Holdings (BKNG) to Buy

Argus analyst John Staszak upgraded Booking Holdings (NASDAQ: BKNG) from Hold to Buy with a price target of $3,060.00.

The analyst comments "We are raising our rating on Booking Holdings Inc. (NGS: BKNG) to BUY from HOLD as the travel industry continues to recover. We have a favorable view of online travel companies, and particularly of BKNG given its focus on Europe, where it generates most of its gross profit. We expect the company to benefit from the strength of its Booking.com brand in Europe and from relatively high European coronavirus vaccination rates. On valuation, BKNG is trading at a projected 2022 P/E of 24, below the average for other online booking companies; however, we believe that it merits a higher multiple given the company’s strong earnings outlook. We are setting a target price of $3060, implying a projected 2022 P/E of 28 and a potential return of 15% from current levels."

For an analyst ratings summary and ratings history on Booking Holdings click here. For more ratings news on Booking Holdings click here.

Shares of Booking Holdings closed at $2648.20 yesterday.

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