Why Booking Holdings Stock Is Traveling Higher

Booking Holdings Inc. BKNG shares are trading higher on Friday after the company reported strong second-quarter financial results.

The Details:

Booking Holdings reported quarterly earnings of $37.62 per share, beating the analyst consensus estimate of $28.80, and quarterly sales of $5.46 billion, beating the analyst consensus estimate of $5.17 billion.

"In the second quarter, we continued to see robust leisure travel demand, which helped drive stronger than expected room nights and gross bookings results in the quarter," commented CEO Glenn Fogel.

"We have seen these strong trends continue into July, and we are currently preparing for what we expect to be a record summer travel season in the third quarter. We are particularly excited about our recently announced generative AI-enabled travel assistants at both Priceline and Booking.com, and look forward to learning which elements customers value the most."

On Friday, Barclays analyst Mario Lu maintained Booking Holdings with a Overweight and raised the price target from $3130 to $3740. Credit Suisse analyst Stephen Ju also maintained Booking Holdings with an Outperform and raised the BKNG price target from $2950 to $3325.

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BKNG Price Action: According to Benzinga Pro, BKNG shares are trading 9.69% higher at $3,115.06 at the time of publication.

Image: stux from Pixabay