Why Is Booking Holdings Stock Rising Today?
Shares of Booking Holdings Inc (NASDAQ:BKNG) are trading higher on Wednesday after the company reported better-than-expected third-quarter financial results.
- Booking Holdings shares are climbing with conviction. What’s driving BKNG stock higher?
Booking Holdings Beats Q3 Earnings
Booking Holdings reported third-quarter adjusted EPS of $4.66, above the $4.50 analyst estimate. Revenue came in at $9.79 billion, topping the $9.55 billion estimate.
CFO Ewout Steenbergen said travel demand was resilient in the quarter, though it moderated toward the end of the period. The booking window expanded slightly in Europe and globally but contracted modestly in the U.S. Elevated airfares and reduced capacity on certain routes, tied to the Middle East conflict, weighed on long-haul demand.
Booking Holdings sees fourth-quarter adjusted revenue growth in the range of flat to up 2%. The company said geopolitical and macroeconomic uncertainty may affect near-term travel trends.
Analysts Adjust Price Targets
Booking Holdings has a consensus Buy rating among analysts with an average price target of $222.72, according to Benzinga data. Following the company’s quarterly results, several analysts adjusted price targets, ranging from $150 to $265. Here’s a look at some of the most notable changes:
- UBS maintained a Buy rating and lowered its price target to $265.
- Bank of America Securities maintained a Buy rating and lowered its price target to $219.
- Wells Fargo maintained an Equal-Weight rating and lowered its price target to $179.
- Barclays maintained an Overweight rating and lowered its price target to $170.
- Cantor Fitzgerald maintained a Neutral rating and lowered the price target to $150.
BKNG Shares Move Higher
BKNG Price Action: Booking Holdings shares were up 10.71% at $172.34 at the time of publication on Wednesday, according to Benzinga Pro.
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