Wedbush downgrades Booking Holdings to Neutral following quarterly results

As previously reported, Wedbush analyst Scott Devitt downgraded Booking Holdings (BKNG) to Neutral from Outperform with a $5,900 price target The firm notes that Booking reported healthy Q2 results, while guidance for Q3 was weak versus expectations. Wedbush points out that Q3 guidance was disappointing relative to initial estimates, with room night growth, revenue, and adjusted EBITDA below consensus expectations at the midpoint of the guide.