Analyst Brian Pitz from BMO Capital reiterated a Buy rating on Booking Holdings (BKNG – Research Report) and decreased the price target to $5,700.00 from $5,900.00.
Brian Pitz has given his Buy rating due to a combination of factors including the stable global travel demand, even amidst macroeconomic uncertainties. He highlights the acceleration in alternative accommodation listings and the positive impact of AI advancements, which are expected to enhance search efficiency, improve conversion rates, and reduce customer support interactions. These factors contribute to a significant year-over-year growth in connected trip transactions.
Additionally, Pitz notes that Booking Holdings has exceeded expectations with its recent financial performance, particularly in gross bookings and room night growth. The company’s strategic partnerships with tech giants like OpenAI, Microsoft, and Amazon are anticipated to unlock further growth potential. Furthermore, the expansion of alternative accommodations and the Genius Loyalty program are expected to bolster Booking’s market share in the coming years, offsetting any potential downturns in inbound travel demand to the US.
According to TipRanks, Pitz is a 5-star analyst with an average return of 14.3% and a 65.71% success rate. Pitz covers the Communication Services sector, focusing on stocks such as Alphabet Class A, Roblox, and Electronic Arts.
In another report released today, TD Cowen also reiterated a Buy rating on the stock with a $6,000.00 price target.