Priceline-parent Booking Holdings stock initiated with buy rating at Mizuho
Priceline-parent Booking Holdings stock initiated with buy rating at Mizuho
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Priceline-parent Booking Holdings stock initiated with buy rating at Mizuho
Shares of Booking Holdings Inc. are up 0.4% in Wednesday morning trading after analysts at Cowen and Co. raised their 12-month price target on the stock to $2,650, the highest among estimates tracked by FactSet. The analysts, led by Kevin Kopelman, previous had a price target of $2,300 for Booking, which changed its name from Priceline Group last month. Over the next 24 months, the analysts see the potential for Booking's stock to reach $3,000. The stock currently trades at $2,149. The analysts point to strong contribution profit, which is growing two times as fast as it is at Expedia Inc. . They predict that share repurchases will be "game changing" and bring EPS growth back up to a rate in the high teens. Shares are up 23% in the past 12 months, while the S&P 500 is up 16%.
U.S. stock benchmarks on Wednesday opened higher and were on pace to bounce back from a Federal Reserve-fueled selloff after Tuesday's congressional testimony unsettled Wall Street. The Dow Jones Industrial Average rose 150 points, or 0.6%, to 25,558, while the S&P 500 index added 14 points, or 0.5%, at 2,759. The Nasdaq Composite Index advanced 39 points, or 0.5%, at 7,367. On Tuesday, the main U.S. benchmarks registered their biggest one-day drop since they officially slipped into correction territory -- defined as a drop from a recent peak of at least 10% -- on Feb. 8. Much of Tuesday's decline was attributed to a reading of comments from Fed Chairman Jerome Powell, who signaled that the economy was strengthening at a rate sufficient to warrant further rate increases in 2018. Despite Wednesday's climb, equity benchmarks were on pace for the worst February in about a decade. On Wednesday, a reading of gross domestic product, a broad measure of the goods and services produced across the U.S., rose at a 2.5% seasonally and inflation-adjusted annual rate in the fourth quarter, the Commerce Department said. In corporate news, investors were watching shares of Dick's Sporting Goods Inc. after its CEO said the retailer would stop selling assault weapons, while shares of Booking Holdings Inc. rallied after the company formerly known as Priceline Group Inc. late Tuesday reported earnings and sales above forecasts.
Shares of Booking Holdings Inc. rose more than 5% late Tuesday after the company formerly known as Priceline Group Inc. reported adjusted per-share earnings and sales above Wall Street expectations. Booking said it lost $555 million, or $11.41 a share, in the quarter, versus earnings of $674 million, or 13.47 a share, in the year-ago period. Adjusted for one-time items, the company earned $836 million, or $16.86 a share, in the quarter, compared with $711 million, or $14.21 a share, a year ago. Revenue rose to $2.8 billion, from $2.3 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of $14.12 a share on sales of $2.7 billion. Booking earlier this month changed its name from Priceline, saying it better reflects its business. Shares ended the regular trading session down less than 0.1%.
China’s largest online travel website facers slowing revenue, but still trades at a sky-high valuation.
A graphic look at selected stock activity for the week ended March 2, 2018. Includes AK Steel, Foot Locker, and L Brands.
Among the companies with shares expected to trade actively in Wednesday's session are Amazon.com, Booking Holdings, Lowe's, Square and Valeant.
Booking Holdings, formerly known as Priceline Group, reported higher-than-expected sales in its latest quarter as the online travel company got a boost from a rise in bookings and strong performance at its international operations.
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Booking Holdings, Inc. is an online travel company, which provides travel and related services. It offers accommodation reservations including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties. The company provide services through Booking.com, priceline.com, agoda.com, KAYAK, rentalcars.com and OpenTable brands. It also allows consumers to easily compare airline ticket, hotel reservation and rental car reservation information from hundreds of travel websites at once through KAYAK. The company was founded by Jay Scott Walker on July 18, 1997 and is headquartered in Norwalk, CT. (See Full Profile)