BTIG Reiterates Neutral Rating on Booking Holdings (BKNG)

BTIG analyst Jake Fuller reiterated a Neutral rating on Booking Holdings (NASDAQ: BKNG).

The analyst comments "BKNG guided 3Q below-Street (as did OTA peers), pointing to moderation in Europe. The question is whether the outlook is management's typical conservatism or something more. Our QTD tracking shows deceleration, but towards the high-end of guidance with August trending slightly better than July. Highlights: 1) From +3% in 2Q, our tracking shows reservation volume slowing to +1% in July and +2% for the first 12 days of August (QTD +1.4%); 2) Room nights have outpaced our reservation data by ~4 pts, suggesting QTD growth of ~5% vs. BKNG's 3-5% guide; 3) As a cross-check our site traffic and credit card data show a similar trend across OTAs and hotel chains, supporting the idea we are seeing a broader moderation in travel vs. anything BKNG-specific."

For an analyst ratings summary and ratings history on Booking Holdings click here. For more ratings news on Booking Holdings click here.

Shares of Booking Holdings closed at $3634.67 yesterday.

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