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Booking Holdings Inc (NASDAQ:BKNG) delivered a stronger-than-expected third quarter, as travel demand strengthened across regions. Analysts said the company's fourth-quarter outlook signals continued momentum despite tough year-over-year comparisons. Cantor Fitzgerald analyst Deepak Mathivanan maintained a Neutral rating on Booking.com (as it is referred to) and reduced the price target from $5,590 to $5,550. BTIG analyst Jake Fuller reiterated a Buy rating on Booking.com with a price target of $6,250. Also Read: Meta, Amazon, Booking Best Positioned For Agentic AI Opportunity, Says Analyst Cantor Fitzgerald: Mathivanan said Booking.com delivered a strong third quarter, exceeding the high end of guidance for revenue nights, gross bookings and EBITDA. The analyst noted that fourth-quarter guidance — projecting 4%–6% year-over-year revenue night growth and 11%–13% gross booking growth (6%–8% in constant currency) — came in slightly above Street expectations, reflecting steady U.S. travel demand and improved consumer trends. He highlighted that Booking.com continues to execute well on key strategic initiatives, including Connected Trip, B2B services and its Genius loyalty program. Mathivanan added that the company raised its expected annual cost savings from its ongoing transformation program, now targeting $500–$550 million, up from $400–$450 million previously. The analyst pointed out that the U.S. revenue nights accelerated during the quarter, offsetting softer inbound demand, while Europe and Asia maintained stable growth. Connected Trip transactions rose in the mid-20% range year-over-year and now account for a low double-digit share of total Booking.com transactions, supported by strong momentum in attractions, which grew 90% year-over-year. The management expressed confidence in Booking.com's position for the AI-driven travel era, citing its broad selection, integrated payments, and strong customer support. Mathivanan noted AI will reshape travel booking behavior but believed Booking.com is a prime partner for AI platforms, enabling travel applications. Looking ahead to 2026, the analyst said Booking.com appears well-positioned to sustain top-line growth and profitability near its medium-term targets, supported by cost efficiencies, loyalty engagement, and a solid global demand backdrop. Mathivanan projected fourth-quarter revenue of $6.11 billion and EPS of $46.75. BTIG: Fuller said Booking.com posted stronger-than-expected third-quarter results and an encouraging fourth-quarter outlook, outperforming modest investor expectations. The analyst noted that room nights and bookings exceeded guidance, driven by accelerating U.S. travel demand and a widening booking window, while EBITDA margins also came in above forecasts. He said the fourth-quarter guidance — 4% to 6% growth in room nights and 11% to 13% growth in gross bookings — was better than feared, given difficult year-over-year comparisons. Fuller added that stable global leisure demand and improving U.S. outbound trends signal continued momentum heading into 2026. The analyst also viewed the results as positive read-throughs for Expedia Group Inc (NASDAQ:EXPE) and Airbnb Inc (NASDAQ:ABNB), though he said a write-down in Booking.com's Kayak unit could reflect pressure on TripAdvisor Inc's (NASDAQ:TRIP) metasearch business. Fuller highlighted that Booking.com continues to show resilient consumer demand and efficient cost control, noting that expectations across the online travel sector had declined heading into earnings season. Fuller projected fourth-quarter revenue of $6.10 billion and EPS of $49.49. BKNG Price Action: Booking Holdings stock was up 0.014% at $5,121.31 at publication on Wednesday. Read Next: Intel Boss Vows To Fix Years Of Bureaucracy And Mismanagement Photo: Julio Ricco via Shutterstock
