JMP Securities raised the firm’s price target on Booking Holdings to $3,600 from $3,000 and keeps an Outperform rating on the shares. Booking reported strong Q2 results, beating both revenue and adjusted EBITDA estimates by 6% and 21%, respectively, and now expects gross bookings to grow slightly over 20% y/y in 2023, up from its previous guidance of low-teens growth, the analyst tells investors in a research note. The firm continues to see Booking’s efforts to execute against its Connected Trip initiative, grow its alternative accommodations business in the U.S., and innovate around AI/ML tools as key drivers to its continued dominance in the industry.
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