Hedgeye CEO Keith McCullough is adding Booking Holdings (BKNG) to the long side of Investing Ideas. Below is a brief note.
After 2-3 days of a US stock market correction, I'm looking for longs my analysts like that are approaching the low-end of their respective @Hedgeye Risk Ranges.
One of those names is Booking Holdings (BKNG). Here's a summary excerpt from Todd Jordan's recent Institutional Research note on the name:
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"Set up for BKNG falls in our sweet spot here at Hedgeye GLL. Investor sentiment leans negative driven by global macro uncertainty and an over focus on room night deceleration. Within that mix of sentiment, we see a long run top line and earnings bar that has been reset over the last few years and is now beatable. BKNG is a company that packs the punch on scale, execution, and positioning within the travel ecosystem and poised to generate significant cash flow – cash flow that is undervalued by the investment community obsessed with the wrong metrics." |
Buy on red,
KM
