JPMorgan analyst Doug Anmuth has raised the price target for Booking Holdings (NASDAQ: BKNG) to $5,360, up from $4,850. He has kept an Overweight rating on the stock.
This change comes after Booking Holdings reported strong first-quarter results for 2025, exceeding market expectations. The company announced adjusted earnings per share (EPS) of $24.81, which is much higher than the predicted $17.45.
Their revenue reached $4.76 billion, exceeding the forecast of $4.59 billion. Anmuth also pointed out that the company’s guidance for the second quarter and updated outlook for the entire year of 2025 are better than expected.
Anmuth noted that Booking Holdings is experiencing steady demand for leisure travel around the world, which has remained strong despite broader economic challenges. The company has seen good growth in forward bookings and pointed out that its diverse geographical presence helps reduce risks from slowdowns in specific areas. While there was some decline in U.S. inbound travel, stronger trends were noted in other markets.
The company has shown strong efficiency in its operations, reflected in high gross profit margins (86.63% over the past year) and recent revenue growth of 9.47%. Ongoing strategies, such as expanding alternative accommodations, increasing direct bookings, and implementing its Connected Trip strategy, are performing well. Booking Holdings is also working with top generative AI companies and developing its own travel-related AI solutions.
JPMorgan’s new price target of $5,360 is based on about 22.5 times the firm’s estimated 2026 GAAP EPS for Booking Holdings. Although the company is being cautious about potential economic uncertainties in its full-year outlook, particularly at the lower end of its guidance, Anmuth remains optimistic.
He highlighted Booking’s strong performance and the potential for growth in EPS by double-digit percentages over the coming years as reasons for keeping the Overweight rating.