Booking Holdings Inc

BKNG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Booking Holdings: Stout Network and AI Position Drive Our Moat Rating to Wide From Narrow

Dan Wasiolek

Mar 11, 2025

We have upgraded our moat rating for Booking to wide from narrow, driven by its strengthening network advantage and our view that the company is well positioned for artificial intelligence. The change results in our fair value estimate increasing to $4,800 per share from $4,600. We see shares as slightly undervalued.

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Booking Holdings Inc

Booking Holdings: Stout Network and AI Position Drive Our Moat Rating to Wide From Narrow

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