
© Reuters. Booking Holdings and Expedia lifted at Wells Fargo – gross bookings progress estimates achievable
Analysts at Wells Fargo upgraded shares of Booking Holdings (NASDAQ:) and Expedia (NASDAQ:) to Equal Weight from Underweight in a observe overlaying its 2024 on-line journey outlook on Tuesday.
The financial institution additionally raised the value goal for Booking to $3,459 from $2,402 and Expedia to $159 from $91 per share.
According to analysts at Wells Fargo, based mostly on their top-down evaluation, BKNG and EXPE’s stable gross bookings progress estimations are achievable. In addition, the agency famous that their 2023 aggressive depth view didn’t play out.
The financial institution’s analysts see international lodging gross bookings rising by 4% to five% in 2024, with a premium for Booking and Expedia.
Furthermore, Wells Fargo pointed to a different outsized yr of Asia nights progress for the businesses in 2024.
Focusing on Expedia, the agency acknowledged that the corporate’s “One Key” is much less of a cloth driver to 2024, whereas it sees significant acceleration in its VRBO platform however anticipates it is going to be offset by slower business-to-business progress within the yr.