Booking Sees 'Some Moderation' in Demand Exiting Q3, Oppenheimer Says

12:19 PM EST, 11/04/2026 (MT Newswires) -- Booking (BKNG) expects "some moderation" in travel demand during the fourth quarter, particularly from international travel due to persistent Middle East-related disruptions, prompting a conservative outlook that Oppenheimer said was largely anticipated by investors. With the company guiding for flat year-on-year adjusted EBITDA in Q4 due to higher investments in AI technology and non-lodging initiatives, Oppenheimer said this raises concerns about Booking achieving its targeted 8% bookings growth, 8% revenue growth and 15% adjusted EPS growth in 2027. However, the analyst said first-half bookings pacing remains healthy, with AI likely to boost efficiency and diversify traffic channels rather than become a medium-term structural earnings headwind, according to the note Tuesday. Despite the limited contribution from large language model referrals, which account for less than 1% of nights, Oppenheimer said Booking is outperforming in emerging traffic channels through its AI-focused content and supply initiatives The investment firm lowered its 2026 and 2027 EPS estimates to $10.36 and $12.38, respectively, from $10.43 and $12.43 previously. Oppenheimer reiterated its outperform rating and $240 price target on Booking. The company's shares were up more than 11% in Wednesday afternoon trading. Price: 173.14, Change: +17.47, Percent Change: +11.22