Wells Fargo analyst Ken Gawrelski raised the firm’s price target on Booking Holdings (BKNG) to $2,402 from $2,373 and keeps an Underweight rating on the shares. The firm observes improving trends in Aug/Sep despite tougher compares, and raises its Q3 nights estimate to +15% year-over-year vs. guidance of low double digits and consensus +12%. Wells also sees tougher 2024 setup, amid Asia recovery normalization, more aggressive Expedia (EXPE) and mix shift to business travel.
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