Wedbush upgrades Booking Holdings to Outperform with $6,000 price target

As previously reported, Wedbush upgraded Booking Holdings (BKNG) to Outperform from Neutral with a $6,000 price target The firm notes Global travel demand was healthy relative to expectations this quarter, and Booking remains the best positioned OTA given the company’s global scale and diversification, strong liquidity and free cash flow conversion, and track record of successful execution across key strategic initiatives. In Q3, the company reported strong results across key metrics and management noted robust segments, Wedbush adds. Over the last three months, shares have fallen 8% and are currently trading for 17.6-times the firm’s 2027 GAAP EPS estimate, near the lower end of its historical range over the last two years.