Cigna earnings beat by $0.04, revenue topped estimates
NEW YORK - Booking Holdings (NASDAQ:BKNG), a $177.87 billion market cap travel giant with impressive gross profit margins of 86.6%, announced Thursday an eight-year extension of its commercial partnership with Etraveli Group, continuing a collaboration that began in 2019. According to InvestingPro data, the company maintains a perfect Piotroski Score of 9, indicating strong financial health.
The renewed agreement aims to enhance Booking.com’s global flight booking capabilities, which are currently available in 57 countries, according to a company press release.
"We’re pleased to extend our long-standing partnership with Etraveli Group, a trusted collaborator as we continue to enhance how people discover and book flights around the world," said Glenn Fogel, Chief Executive Officer of Booking Holdings.
Mathias Hedlund, Chief Executive Officer of Etraveli Group, stated that the companies will "continue to bring our deep flight expertise and advanced technology to further refine the flight booking experience."
The partnership extension comes as Booking.com works to strengthen its position in the flight booking sector. Etraveli Group, headquartered in Sweden, provides flight content and technology solutions through various consumer brands and partnerships.
Booking Holdings operates several travel platforms including Booking.com, Priceline, Agoda, KAYAK and OpenTable, serving customers in more than 220 countries and territories.
Financial terms of the partnership extension were not disclosed in the announcement.
In other recent news, Booking Holdings has seen a series of positive developments from several financial analyst firms. Analysts at BTIG have raised their price target for Booking Holdings to $6,250, citing an increase in reservation volumes and expectations for the company to exceed its second-quarter guidance. They also adjusted their earnings per share forecast upwards, projecting an EPS of $220 for the current year. JPMorgan analysts have also increased their price target to $6,000, maintaining an Overweight rating, and highlighted the company’s strong position in the online travel sector and potential for global market share growth. Tigress Financial Partners lifted their price target to $6,100, emphasizing Booking Holdings’ advancements in artificial intelligence as a key factor in enhancing sales growth and operational efficiency. UBS analyst Stephen Ju raised the price target to $5,750, noting the company’s diversified global presence and significant increase in attractions volume. Lastly, Benchmark analyst Daniel Kurnos increased the price target to $6,000, following Booking Holdings’ recent earnings report that showed better-than-expected profitability and a stable outlook for leisure travel demand. These updates reflect a generally optimistic view from analysts regarding Booking Holdings’ financial performance and strategic positioning in the market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.