B. Riley: 'we maintain our constructive view on BKNG, EXPE, and ABNB'

B. Riley: 'we maintain our constructive view on BKNG, EXPE, and ABNB'.

The analyst comments "Our analysis of 3Q travel industry data (lodging, air) for U.S. and Europe, short-terms rental (STR) share trends and pacing demand for 4Q26, and inbound tourism to the U.S. suggest that a) leisure travel demand continues to show healthy growth in the U.S. while Europe continues to be relatively soft (likely reflecting geopolitical and macroeconomic impacts); b) inbound travel for the U.S. remains pressured Y/Y; c) solid share gains for Airbnb (ABNB — Buy, $210 PT) across both Europe and the U.S. in 3Q; a pickup in pace of share gains for Booking.com (BKNG — Buy, $274 PT) in both the regions (albeit trailing Airbnb); Vrbo (EXPE — Buy, $390 PT) seeing a slight improvement in pace of U.S. share gains; and d) Vrbo's impending host fee changes, which are likely to be net positive for EXPE's revenue and margins in 4Q26 and 2027. Based on trends to date, we maintain our constructive view on BKNG, EXPE, and ABNB."

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