Booking (BKNG) could gain market share if competitors pull back amid macroeconomic uncertainty, Oppenheimer said in a note.

While the US remains Booking's most challenged market as inflation pressures low-end consumers, its global scale positions it to better absorb softness from travel corridor shifts, according to the note Tuesday.

Travel trends remain stable globally, with no signs yet that softening consumer sentiment is affecting bookings. If current conditions persist, Oppenheimer sees margin upside from continued advertising efficiency and disciplined spending.

Booking reported Q1 adjusted earnings of $24.81 per share on $4.76 billion in revenue, both topping consensus estimates.

Management broadened its 2025 ex-FX guidance to account for rising consumer uncertainty, but still expects low-to-mid-teens EPS growth.

Oppenheimer maintained its outperform rating on the stock and $6,000 price target.

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