Credit Suisse analyst Stephen Ju raised the firm’s price target on Booking Holdings to $2,850 from $2,600 and keeps an Outperform rating on the shares following the company’s Q4 earnings report. The analyst noted that the quarter’s outperformance was driven by ongoing consumer demand for travel as measured by room night growth of 10% and 8% vs 2019 and Q3 of 22 levels, respectively. Additionally, management said it remains "optimistic in the long term opportunity from China outbound travel," but the firm noted that as pandemic-related restrictions did not ease until January, it does not anticipate any material gross booking contributions to materialize until later in the year.
Published first on TheFly
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