Bank of America has adjusted its price target for Booking Holdings (BKNG, Financial), increasing it to $5,580 from the previous target of $5,540. The brokerage maintains a Neutral rating on the shares as the company approaches its earnings announcement scheduled for April 29.
The decision comes in the wake of positive developments reported by Accor, which have hinted at a month-over-month improvement in April’s revenue per available room (RevPAR). Additionally, recent foreign exchange trends since February are seen as favorable factors contributing to a supportive outlook for Booking Holdings’ second-quarter guidance.
Despite this optimism, BofA remains cautious due to broader concerns regarding a potential recession and the risk of declining international travel, which they believe could hinder significant growth in the online travel agency sector’s valuation multiples. As such, the firm suggests tempered expectations regarding substantial stock expansion for BKNG in the near…
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