Shares of Booking Holdings Inc. are up 0.4% in Wednesday morning trading after analysts at Cowen and Co. raised their 12-month price target on the stock to $2,650, the highest among estimates tracked by FactSet. The analysts, led by Kevin Kopelman, previous had a price target of $2,300 for Booking, which changed its name from Priceline Group last month. Over the next 24 months, the analysts see the potential for Booking’s stock to reach $3,000. The stock currently trades at $2,149. The analysts point to strong contribution profit, which is growing two times as fast as it is at Expedia Inc. . They predict that share repurchases will be “game changing” and bring EPS growth back up to a rate in the high teens. Shares are up 23% in the past 12 months, while the S&P 500 is up 16%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News