Booking Holdings (BKNG) PT Lowered to $5,550 at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan lowered the price target on Booking Holdings (NASDAQ: BKNG) to $5,550.00 (from $5,590.00) while maintaining a Neutral rating.

The analyst commented, "BKNG reported 3Q results with RNs, GBs, and EBITDA all above the high-end of prior guidance. On outlook, 4Q guide for 4-6% y/y RN growth and 11-13% y/y GB growth (6-8% FXN) came in slightly above prior street estimates at the high-end (Visible Alpha). From a macro perspective, the U.S. is showing steady improvement with U.S. consumer RNs accelerating. Meanwhile, BKNG continues to execute well on strategic initiatives including Connected Trip, B2B, and Loyalty. Additionally, BKNG now expects higher annual savings from the ongoing transformation program once completed. On the call, management expressed confidence on the company's competitive position for the AI era, highlighting BKNG's attractive consumer value prop with extensive selection, support and payment capabilities. Looking ahead into 2026, we think BKNG is well positioned to sustain top-line growth and profitability near its MT targets. We reiterate our Neutral rating and our 12-month PT is $5,550 ($5,590 previously). Our PT is based on 21x FY26E EPS (vs 22x previously) which reflects ongoing macro uncertainties."

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