Stock

This travel stock is a ‘high-quality recovery play’

Shares of Booking Holdings Inc (NASDAQ: BKNG) recovered significantly in March and the head of internet research at Evercore ISI says the rebound will continue, assuming no further shocks on the COVID front.

Mark Mahaney explains why he likes BKNG

The travel industry seems to be picking up pace this year and Booking Holdings, as per Mark Mahaney, is one of the best ways to play that recovery. On CNBC’s “Squawk Box”, he said:

Booking is a name I particularly like because it’s a high-quality, well-tested business model. High teens price-to-earnings multiple for what I think is better than market growth. It’s a clear recovery play assuming travel continues to rebound.

Travel recovery was already evident in Booking’s Q4 report that revealed a massive 140% year-over-year growth in revenue. Mahaney also likes Expedia in this space.

CEO Fogel is also bullish on travel recovery

According to the WTTC, travel and tourism, at least in the United States, is expected to top pre-COVID levels in 2022. Similar confidence echoed in Booking CEO Glenn Fogel’s remarks at the Economic Times Global Business Summit earlier this month.

Bookings are picking up and we expect that 2022 will be another recovery year for the travel industry. People are still being a little careful about corporate travel, but it will also get back to the pre-pandemic levels.

Wall Street has also been turning more bullish on BKNG. Most recently, Oppenheimer upgraded the stock to “outperform”.

The post This travel stock is a ‘high-quality recovery play’ appeared first on Invezz.

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