KeyBanc has reaffirmed its Overweight recommendation on Booking Holdings (NASDAQ:BKNG) and left its price objective at $6,500.00, a level that implies material upside from the stock's current trading price of $4,644.64.
In its note, KeyBanc pointed to an encouraging travel backdrop, noting that large-scale global events such as the Winter Olympics and the World Cup are supportive to industry demand. The firm also referenced Booking’s recent operating performance, including a reported 12.96% increase in revenue over the trailing twelve months, as evidence of the company’s ongoing momentum.
Analysts at KeyBanc addressed a set of market worries about the potential for artificial intelligence to alter incumbent travel platforms’ business models. While acknowledging the discussion, the research team described those concerns as "overstated," arguing that established travel platforms display more resilience than some investors currently appreciate.
Complementing KeyBanc’s view, InvestingPro’s assessment flags Booking as undervalued against its Fair Value estimate and rates the company’s overall financial health as "GREAT," indicating what InvestingPro considers a solid balance sheet and operating position.
KeyBanc also said it expects Booking Holdings to provide constructive commentary around spring bookings and the company’s outlook for 2026, commentary that the firm believes could help relieve some of the selling pressure the shares have faced.
The note listed several company-specific strengths that KeyBanc sees as supportive of sustained share gains and margin expansion: a demonstrated track record, differentiated supply relative to peers, and a global loyalty program. The analysts added that continued robust travel demand and favorable foreign exchange movements could provide additional upside to consensus estimates.
Recent operational and market developments
Booking reported a strong third-quarter showing, beating expectations across gross bookings, room nights and revenue. The company recorded notable growth in alternative accommodations and an extended booking window, with particular acceleration in the United States.
Despite KeyBanc’s positive stance, other brokerages have presented mixed perspectives. Goldman Sachs trimmed its price target to $5,920 from $6,050 while keeping a Neutral rating. Mizuho took a more bullish tack, upgrading Booking from Neutral to Outperform and assigning a $6,000 target, implying roughly 30% upside. Conversely, Citizens downgraded the stock to Market Perform, explicitly citing AI-related risks and a perceived lack of near-term growth catalysts.
On the corporate and competitive fronts, Booking’s KAYAK platform has announced a leadership change: Peer Bueller has been named CEO, with co-founder Steve Hafner moving into the role of Executive Chair. Bueller, who has been with KAYAK since 2016, has focused on the business’s expansion and innovation efforts.
Separately, Navan disclosed an expanded integration with Booking.com that broadens lodging options for business travelers. KeyBanc’s note characterizes this type of partnership as a potential indirect benefit to Booking Holdings by increasing reach into corporate travel flows.
Context and implications
KeyBanc’s reiteration of an Overweight rating and a $6,500.00 price target underscores the firm’s view that Booking is positioned to capture ongoing strength in travel demand and to defend market share against competitive and technological challenges. The brokerage’s commentary about AI risks being overstated reflects a broader debate among analysts about how emergent technologies will reshape distribution economics in travel.
At the same time, the differing actions from Goldman Sachs, Mizuho and Citizens illustrate that consensus on near-term catalysts and risk exposure remains fragmented. Investors will likely be watching upcoming company commentary on spring booking trends and the 2026 outlook for clearer signals on demand durability and margin trajectories.