Booking Holdings price target raised to $5,100 from $4,650 at B. Riley

B. Riley analyst Naved Khan raised the firm’s price target on Booking Holdings (BKNG) to $5,100 from $4,650 and keeps a Buy rating on the shares. Booking’s Q3 results beat expectations on the top and bottom lines, driven by better-than-expected growth in room nights, with management’s commentary alluding that demand trends in Europe strengthened post July and have sustained into October, which suggests that weakness in July was likely transitory and should put to rest concerns around incremental weakness in consumer demand, the analyst tells investors in a research note. B. Riley expects Booking to continue to see above-market rate, benefiting from strategic initiatives and views the potential for fixed cost leverage over the medium-term as an incremental positive.