Booking Holdings upgraded to Buy at BTIG ahead of expected Q1 beat

As previously reported, BTIG analyst Jake Fuller upgraded Booking Holdings (BKNG) to Buy from Neutral with a $5,500 price target Tracking points to a Q1 beat, says the analyst, who notes that the firm’s estimates are above the Street view. In addition, visibility into a “healthy” Q2 is building and forex puts upward pressure on full-year numbers, despite all of the macro malaise, according to the firm, which has “gained comfort” in the durability of Booking’s mid-teens EPS growth algorithm. The firm also sees under-appreciated opportunities as the company continues to push in alternative accommodations and Connected Trip, the analyst tells investors.