Booking Holdings price target raised to $5,500 from $5,000 at Oppenheimer

Oppenheimer raised the firm’s price target on Booking Holdings (BKNG) to $5,500 from $5,000 and keeps an Outperform rating on the shares as Q3 results increase confidence in solid 2025 margin expansion to sustain the stock’s mid-20s price-to-earnings multiple. The firm is expecting healthy travel environment in 2025, but monitoring tougher European comps where some investors are concerned that Europe sees similar deceleration to U.S. leisure in 2023/2024. However, Oppenheimer believes there is less bifurcation between higher- and lower-income European travelers than in the U.S.