0407 GMT - Tongcheng Travel is likely to maintain its strong growth momentum toward the year-end, CCB International analyst Cathy Chan says in a research note. She expects the Chinese company's core online travel agency business to continue its momentum, driven by high-teens growth in hotel room nights and air ticketing volume in 4Q, a stabilizing hotel average daily rate and other factors. Total revenue growth is likely to reach 29% on year in 4Q, Chan says. CCB International keeps a buy rating on the stock and raises the target price to HK$22.80 from HK$20.50. Shares are 0.1% higher at HK$18.34. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 23:07 ET (04:07 GMT)
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