It is time to look elsewhere within the travel sector after Booking Holdings ‘ recent gains, based on Bank of America. Analyst Justin Post downgraded the stock to neutral from buy, saying there’s less upside after Booking’s recent outperformance. As a substitute, he favors Expedia because its stock could rise if it’s capable of improve its market share. “Our thesis on Asia recovery appears to be playing out as a positive driver for Booking, and China outbound could provide a further Summer boost,” Post wrote Wednesday. BKNG 6M mountain It has been a reasonably regular climb for Booking since hitting a low in October. “Nonetheless, Booking stock has far outperformed peers (+3% TTM [trailing twelve months] vs NASDAQ -16%), comps get tougher in 2Q, and we downgrade to Neutral from Buy as we see less valuation upside searching to our now above-Street 2024 ests. (adjusted for FX),” Post added. Booking Holdings shares are up greater than 19% this yr as investors expect continued travel recovery each within the West, and particularly in Asia as China reopens. The travel stock outperformed the S & P 500 , which rose greater than 4% over the identical time period. The analyst’s $2,700 price goal, raised from $2,250, implies about 12% upside from Tuesday’s closing price for the firm. Shares of Booking are down greater than 1% in trading Wednesday. Moreover, the analyst expects recent declines within the dollar to learn travel bookings across the industry. He lifted his booking estimates for Booking, Expedia and Airbnb above Street consensus. As for Expedia, the stock is up greater than 31% this yr, although shares were mainly flat in Wednesday trading. Post reiterates it at a buy, saying he anticipates less risk of a “severe travel recession.” EXPE 6M mountain Expedia could see more gains ahead in 2023, Bank of America says. The analyst also expects Expedia’s free money flow to enhance and permit for buybacks as its market share stablizes. The corporate has focused on constructing customer loyalty with its app and Post expects that may help it going forward. —CNBC’s Michael Bloom contributed to this report.
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