Booking Holdings Inc

BKNG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$2,718.00	Fyjwzt	Whtslgjz

Booking Earnings: Strong Demand and Profits, Bolstered by a Strengthening Network Advantage

Dan Wasiolek

May 3, 2024

We plan to increase our $3,520 fair value estimate for narrow-moat Booking by a mid-single-digit percentage to account for higher 2024 revenue and lower long-term marketing expenses. We see shares as appropriately valued, but would not require much of a discount to recommend this high-quality travel operator.

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