On Thursday, Barclays updated its outlook on Booking Holdings (NASDAQ:), increasing the price target to $5,100 from the previous $4,500, while keeping an Overweight rating on the stock. The adjustment follows Booking Holdings’ third-quarter financial results, which surpassed consensus expectations in several key metrics.
The company reported third-quarter room nights, revenue, and adjusted EBITDA that were 3%, 5%, and 9% higher than consensus estimates, respectively. The adjusted EBITDA exceeded expectations by $295 million. The upbeat results have led to a more optimistic tone compared to the sentiment in August, with the full-year 2024 guidance for bookings and revenue also being revised upwards.
The improved financial outlook is attributed in part to stronger performance in Europe and a significant 14% growth in room nights for alternative accommodations. According to Barclays, this segment is outpacing competitors like Airbnb. Additionally, Asia is gaining focus due to its…