BKNG - Booking Soars On Growth Eye On Valuation Cautious Buy
2024-06-08 10:27:28 ET
Summary
- Booking Holdings reported strong Q1 results, with revenue climbing 17% YoY and exceeding analysts' expectations.
- The company experienced high growth in "higher frequency" users and increased loyalty program enrollment.
- Initiating coverage with a cautious buy based on Booking leadership position, financial resources, and strategy. However, near-term volatility is possible due to approaching all-time highs.
Investment Thesis
Booking Holdings ( BKNG ), the travel giant behind Booking.com, Priceline, and Kayak, reported strong f irst quarter in 2024 . Revenue climbed 17% YoY to $4.4 billion, exceeding analysts expectations. Earnings per share ((EPS)) also jumped significantly to $20.39, compared to $7.07 in Q1 2023. Gross travel bookings reached $43.5 billion, reflecting a 10% increase. Room nights booked rose 9% YoY. The company also declared a cash dividend of $8.75....
Booking Soars On Growth, Eye On Valuation, Cautious Buy