TRIP - Booking & Expedia Gain Outperform Rating: Read How These Online Travel Stocks Stand Under This Analyst's Radar | Benzinga
BMO Capital Markets analyst Brian J. Pitz initiated coverage on online travel stocks.
The analyst initiated coverage on Airbnb Inc (NASDAQ: ABNB) at a Market Perform rating and price target of $134.
The analyst expects an unfavorable regulatory environment to be a multi-year process and potentially have a more significant impact on revenues.
Notably, Pitz projects a potential revenue risk of up to $1 billion, with other cities adopting stricter stances on short-term rentals.
The analyst expects overall travel sector volatility to increase, especially between now and February (initial indications for Spring/Summer 2024 bookings).
The analyst estimates revenue of $9.844 billion for FY23, $10.987 billion for FY24, and $12.207 billion for FY25.
Pitz initiated coverage on Booking Holdings Inc (NASDAQ: BKNG) at an Outperform rating and price target of $4,150.
With the Genius Loyalty program and acceleration of alternative accommodations, Connected Trip growth initiatives is expected to position the company well for wallet share gains in 2024+, says the analyst.
The ...