Booking Holdings' (BKNG) broad geographic exposure may help to counter macro softness, RBC Capital Markets said Wednesday in a report.

The company's "relatively larger and more diversified business versus peers will screen favorably" after solid Q1 results despite a miss on room nights, RBC said.

Booking on Tuesday reported Q1 adjusted earnings and revenue that topped estimates by analysts. Still, results suggested traditional lodging growth of 3% to 4%, "arguably less than what some might consider outsized or secular," RBC said.

Despite macroeconomics driving "some softening and shift" in US travel, Booking continues "plugging along largely unchanged," the report said.

RBC reiterated its outperform rating on Booking stock with a price target of $5,900.

Booking shares rose 1.9% in recent Wednesday trading.

Price: 4999.82, Change: +90.59, Percent Change: +1.85