A Look Into 2024 Online Travel Prospects: Why This Analyst Has Changed Ratings, Forecasts
Portfolio Pulse from Priya Nigam
Bernstein analyst Richard Clarke has updated ratings and price targets for Tripadvisor Inc (TRIP), Airbnb Inc (ABNB), and Booking Holdings Inc (BKNG) based on strong travel demand and the outlook for 2024. Clarke upgraded TRIP from Market Perform to Outperform with a new price target of $21.40, citing a successful strategy to offset metasearch declines. BKNG was upgraded from Underperform to Market Perform with a price target of $2,940, as strong leisure demand and share buybacks have improved earnings estimates. ABNB maintained an Outperform rating but had its price target slightly reduced from $168 to $163, remaining Clarke's top pick with expectations of strong performance in 2024.
November 13, 2023 | 4:26 pm
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NEUTRAL IMPACT
Airbnb maintains Outperform rating but has a reduced price target of $163, still considered the top pick by the analyst for strong 2024 performance.
While Airbnb's price target was slightly reduced, the maintenance of an Outperform rating and the position as the top pick suggest that the analyst's view remains positive. The minor price target adjustment may have a neutral short-term impact as the overall sentiment remains strong.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Booking Holdings upgraded to Market Perform with a new price target of $2,940, reflecting adjustments to margin expectations and strong leisure demand.
The upgrade from Underperform to Market Perform and the raised price target for Booking Holdings indicate a more favorable view from the analyst, which could lead to a positive short-term impact on the stock as market sentiment improves.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 85
POSITIVE IMPACT
Tripadvisor upgraded to Outperform with a new price target of $21.40 by Bernstein analyst, reflecting a positive outlook and successful business strategies.
The upgrade to Outperform and the increase in price target for Tripadvisor suggest a bullish outlook by the analyst, which could lead to increased investor confidence and a potential short-term rise in the stock price.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90