Booking Holdings (BKNG) PT Raised to $2,450 at Stifel as Leisure Travel Recovers
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Stifel analyst Scott W. Devitt raised the price target on Booking Holdings (NASDAQ: BKNG) to $2,450.00 (from $2,400.00) after gross bookings increased +852% y/y following a -4%
y/y decline in 1Q and a -65% y/y decline in 4Q:20. Growth was led by acceleration in domestic
and international bookings in the EU. Room nights sold increased +461% y/y up from -20%
y/y last quarter, driven by Europe and the US. Compared to the same period in 2019, room
nights improved meaningfully throughout the quarter to -26% for the quarter, improving from
down -43% in April.
The analyst reiterated a Hold rating, stating "Booking's effective strategy to extend its share organically in a secular growth market has demonstrated the strength of the platform's competitive moat over time. We expect continued penetration of both international and domestic markets over the long term. The company is well-managed and generates significant cash flow, however, we remain Hold rated as we look for better visibility into the growth trajectory of the business and margin opportunity. Current conditions in the travel industry remain very challenged due to the COVID-19 outbreak."
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