Wedbush Upgrades Booking Holdings to Outperform, Sets $6,000 Price Target

Core Viewpoint - Wedbush upgraded Booking Holdings Inc. from Neutral to Outperform with a price target of $6,000, highlighting the company's strong global presence, efficiency gains, and resilient travel demand [1]. Group 1: Company Performance - Booking Holdings is expanding its share in alternative lodging while improving cost structures, which allows for reinvestment to fuel long-term growth targets [2]. - In the third quarter, Booking reported solid results across all major metrics, with robust travel demand noted in every major region, particularly in Asia and other international markets [3]. - The company's shares had fallen approximately 8% over the past three months and were trading near the lower end of their two-year valuation range at around 17.6 times its 2027 GAAP EPS estimate [3]. Group 2: Financial Health - Wedbush highlighted Booking's strong free cash flow conversion, liquidity position, and consistent execution across key strategic initiatives [2]. - The firm reaffirmed its view that Booking is the best-positioned global OTA due to its scale, diversification, and proven operational discipline [4].