Oppenheimer analyst Jed Kelly raised the firm’s price target on Booking Holdings to $4,200 from $3,450 and keeps an Outperform rating on the shares. The firm cites roll-forward to 2025 EPS and the expectation of higher operating leverage following 2023’s heavy investment cycle. Oppenheimer sees Booking sustaining its low-20ish price to earnings multiple on higher direct-traffic mix offsetting nights potentially decelerating to high single-digit range.
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