Booking Holdings price target raised to $3,900 from $3,500 at BofA

BofA analyst Justin Post raised the firm’s price target on Booking Holdings (BKNG) to $3,900 from $3,500 and keeps a Neutral rating on the shares ahead of the company reporting Q4 results on Thursday, February 22. Booking management had guided to 9% room night growth in Q4, notes the analyst, who thinks trends improved post guidance given Airbnb’s (ABNB) results and sees upside potential. However, reads from competitors was slowing Q1 bookings growth and added marketing spend and the firm thinks the Street expects some caution in guidance given competitor outlooks and Booking’s usual Q1 conservatism.