Wall Street expects $5.52 billion in Q1 revenue from Booking Holdings, up 16% year-over-year, fueled by a merchant model that now controls 61% of total revenue. The question for hotel owners isn't whether the quarter beats estimates... it's how much of your margin moved to their balance sheet.
Booking Holdings' stock cratered from its highs even as it posted record revenue and 9% room night growth. If you're an operator hoping Wall Street's bad mood means cheaper distribution, I've seen this movie before... and the ending hasn't changed.
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Feb 25
BTIG reiterates a $6,250 price target while the stock sits near a 52-week low at $3,864. The gap between analyst conviction and market behavior is the real story.
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