Argus keeps a Buy rating and $3,677 price target on Booking Holdings while raising the firm’s FY23 EPS view to $150 from $148. The firm is positive on online travel companies and particularly on Booking given its focus on Europe, where it generates most of its gross profit, the analyst tells investors in a research note. Argus adds that at 20.6-times expected 2023 earnings, the stock’s multiple is below peer average but merits a higher valuation because of the company’s “strong earnings outlook”.
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