Booking Holdings initiated with a Neutral at Mizuho

Mizuho initiated coverage of Booking Holdings (BKNG) with a Neutral rating and $5,975 price target While “impressed with the history of execution at Booking,” the firm believes this is well understood by investors. Gross bookings and revenue guidance for 8% year-over-year growth is “attainable, but getting more challenging” as alternative accommodations growth slows, argues the analyst, who “could be more constructive” if the company can more meaningfully unlock lower cost acquisition channels or accelerate growth.