Wedbush analysts upgraded Booking Holdings Inc (NASDAQ:BKNG, ETR:PCE1) to ‘Outperform’ from ‘Neutral’, while reiterating their $6,000 per share target price, citing continued strength in travel demand plus market share gains in alternative lodging.
“Booking is the leading global OTA (Online Travel Agency) and continues to gain share within alternative lodging while driving efficiencies through ongoing cost optimization efforts,” the analysts wrote in a note to clients on Thursday.
They added that the company’s strong liquidity, free cash flow conversion, and global diversification position it well for long-term growth.
Analysts at Wedbush also noted that its stock price, which is down about 8% over the past three months, is now trading near the low end of their two-year valuation range.
Booking Holdings shares were flat at $5,166 in midday trading on Thursday.