.July 12, 2024 09:57 AM

Benchmark analysts upgraded Booking (NASDAQ:BKNG) to Buy from Hold, with a new price target of $4,700 per share. They believe in the company’s long-term outlook despite economic uncertainties and spending reductions in European markets.

Booking Holdings’ resilience in EMEA, strong growth in APAC, and expansion in Latin America have bolstered analyst confidence. They anticipate the company will outperform consensus estimates over the next 18 months and continue gaining market share, especially in North America.

The $4,700 price target is based on a multiple of 20 times the estimated 2025 cash EPS of $235, or 16 times adjusted EBITDA.