Analyst Eric Sheridan of Goldman Sachs maintained a Hold rating on Booking Holdings (BKNG – Research Report), boosting the price target to $3,750.00.
Eric Sheridan has given his Hold rating due to a combination of factors reflecting the company’s present performance and future prospects. The first quarter earnings of Booking Holdings surpassed expectations owing to robust seasonal trends and efficient marketing strategies. However, a more cautious outlook for the second quarter, influenced by the ongoing conflict in the Middle East and a decrease in the booking window, tempers this positive result. Sheridan acknowledges that while Booking Holdings management is optimistic about the demand for global travel in 2024, there are short-term uncertainties surrounding the trajectory of travel demand and potential increases in industry competition that need to be monitored.
In the longer term, Sheridan recognizes Booking Holdings’ strategic initiatives such as the Connected Trip, enhancements in AI, and the Genius loyalty program, which are geared towards capturing a larger share of the travel market and fostering direct customer engagement. Despite these potential growth drivers, the recommendation to maintain a Neutral rating suggests that the current stock price may already reflect the company’s growth potential, leading to the decision to raise the price target slightly from $3,630 to $3,750 while still advising investors to hold their positions as the market assesses the unfolding dynamics.
According to TipRanks, Sheridan is a 5-star analyst with an average return of 11.9% and a 54.74% success rate. Sheridan covers the Communication Services sector, focusing on stocks such as Netflix, DoorDash, and Snap.
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Booking Holdings (BKNG) Company Description:
Founded in 1997 and based in Connecticut, Booking Holdings, Inc. provides an online platform for making travel and restaurant reservations. The company offers its services through the following brands: Booking.com, KAYAK, Priceline, Agoda, Rentalcars.com, and OpenTable.
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