DA Davidson analysts upgraded Booking Holdings (NASDAQ:BKNG) to Buy from Neutral, maintaining a $3,400 price target. As a consequence, shares rose more than 4% intra-day today.

Following a recent stock dip and a strong Q3/23 performance, the analysts see potential in continued leisure travel demand and the company’s cost management.

Despite increasing 2024 revenue and EBITDA estimates, the price target is based on DCF (discounted cash flow), implying a 14.5x 2024 EV/EBITDA. Booking Holdings is currently trading at an 11% discount to its five-year average P/E multiple.

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