Booking Holdings (NASDAQ: BKNG) retained its Market Perform rating and $188 price target from Bernstein SocGen, which cited the company’s loyalty program as a critical competitive advantage. The Genius program, covering nearly 60% of Booking’s total room nights, processed over 700 million room nights in 2025—exceeding the combined volume of Marriott Bonvoy and Hilton Honors programs.
The program’s structure, funded directly by participating properties rather than relying on points systems or credit card partnerships, contributes to Booking’s industry-leading 87% gross profit margin. Analysts noted that Genius members trail major hotel loyalty programs by only about 10 percentage points in engagement, despite lower participation among Booking’s lodging partners compared to Marriott and Hilton, where all properties are enrolled.
Booking reported a 7% year-over-year revenue increase in constant currency for the second quarter, alongside an 8% rise in gross bookings. The company’s P/E ratio stands at 23.6, with a notably low PEG ratio of 0.4. Bernstein SocGen’s $188 target implies a discount to Booking’s recent price of $212.42, as of August 24.
Other analysts upgraded their outlooks. Susquehanna and DA Davidson raised their targets to $240, Benchmark set a new $250 target, Truist Securities maintained a Buy rating with a $242 target, and Piper Sandler increased its target to $215 while keeping a Neutral stance. The upgrades reflect optimism around Booking’s pricing power in Europe and the U.S., as well as shifts in consumer travel preferences toward domestic and intra-regional trips.
