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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.