BKNG (Outperform) - Raising PT to $2300 from $2200. BKNG accelerated Q3 nights to 13% on strong late-quarter bookings as Europe weather & World Cup effects wore off ( preview ) and BKNG began lapping its mid-Q317 ad pullback. We raise nights through 19E to 14% (prior 12%). While ad costs and currency keep EPS mostly unchanged improved growth is a relief. Also note passed 50% mobile in Q3. Target to 2300 (prior 2200) or 19X 20E EPS of 122.
Cowen_BKNG.pdf#
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