Booking Holdings: Solid Core Demand and AI Advantages Outweigh Middle East Risks, Supporting Buy Rating and Upside Valuation

Jake Fuller, an analyst from BTIG, maintained the Buy rating on Booking Holdings. The associated price target remains the same with $6,250.00.

Jake Fuller has given his Buy rating due to a combination of factors that, in his view, outweigh the risks from the Middle East conflict. He estimates that disruptions in the region could shave a few points off room-night growth and roughly $9 per share from 2026 earnings, but he also notes that the affected geography is a relatively small slice of Booking’s overall business. Importantly, recent tracking data for January and February suggest solid demand trends, with site traffic and booking activity supporting the potential for upside versus current guidance.

At the same time, Fuller highlights that outside the Middle East, Booking’s core markets remain robust and online travel demand indicators are generally positive. He argues that investor concerns are more heavily focused on artificial intelligence, yet he views Booking as a preferred partner for large language models because of its scale, supply breadth, payments infrastructure and sizable marketing spend. Given these strengths and what he sees as an undemanding valuation of about 15 times projected 2026 earnings, he maintains a Buy rating and a 12‑month price target that implies meaningful upside from current levels.

According to TipRanks, Fuller is a 4-star analyst with an average return of 4.1% and a 46.67% success rate. Fuller covers the Consumer Cyclical sector, focusing on stocks such as Booking Holdings, Expedia, and Airbnb.

In another report released on February 23, Morgan Stanley also upgraded the stock to a Buy with a $5,500.00 price target.