Booking Holdings price target raised, named a best idea for 2024 at TD Cowen

TD Cowen raised the firm’s price target on Booking Holdings (BKNG) to $4,000 from $3,250 and keeps an Outperform rating on the shares, which the analyst named a “best idea for 2024.” Booking’s strategy of developing payments and merchandising and its Genius program is “working,” driving direct traffic up and ad cost percentage down, while boosting free cash flow, the analyst tells investors. In addition, alternative rentals now make up one-third of Booking.com Lodging and are outpacing Airbnb (ABNB) nights growth, the analyst added.