TORONTO - Visa (NYSE:V), a global payments technology company, and OpenTable, a leading provider of online restaurant reservations, have announced a partnership that will grant Visa Infinite Privilege cardholders in Canada access to prime-time reservations at highly sought-after restaurants across North America. This collaboration aims to deliver exclusive dining experiences to cardholders and support local eateries by introducing new patrons.
The program, which is currently operational, offers reservations at select MICHELIN-starred and local favorite restaurants in Toronto, Montreal, Vancouver, Calgary, and additional cities in the United States and Mexico. Eligible Visa Infinite Privilege cardholders can book these experiences through the OpenTable & Visa Dining platform. The initiative is expected to expand to over 500 restaurants in 34 cities by 2025.
Dan Iwachiw, Head of Product at Visa Canada, emphasized the company's commitment to providing cardholders with unique benefits and exceptional experiences. Matt Davis, Canada Country Director at OpenTable, expressed excitement about making it easier for cardholders to discover and book outstanding dining opportunities.
The service is available to Visa Infinite Privilege cardholders by adding their eligible card to their OpenTable account. The partnership kicks off with a selection of top-tier restaurants in various Canadian cities, including notable establishments such as Alo Restaurant, Bar Isabel, and Hawksworth Restaurant.
This collaboration is part of a broader effort by Visa to enrich the lives of its customers through exclusive offerings and by OpenTable to empower restaurants to exceed guest expectations with their technology and partnerships.
The information is based on a press release statement, which details the inaugural list of participating restaurants and how eligible cardholders can take advantage of the program. The partnership between Visa and OpenTable reflects both companies' dedication to enhancing the dining experience for customers and supporting the restaurant industry.
In other recent news, Booking Holdings (NASDAQ:BKNG) has been the center of attention following robust Q3 results and a series of price target upgrades from financial firms. TD Cowen, BMO Capital Markets, and Benchmark have all raised their price targets to $5,500, $5,155, and $5,000 respectively, citing factors such as increased demand for travel in Europe and the Asia-Pacific region, growth in room nights booked, and potential in the alternative accommodations sector. JPMorgan also increased its price target for Booking Holdings to $5,235, attributing the positive adjustment to improvements in Europe and the company's strategic initiatives, including alternative accommodations and regional expansion.
Booking Holdings reported an 8% growth in room nights and gross bookings valued at $43.4 billion, a 9% increase from the previous year, leading to an adjusted profit of $83.89 per share and total revenue of $7.99 billion. These are recent developments that provide insights into Booking Holdings' financial trajectory.
The firm's financial projections have been revised upward, with TD Cowen increasing its 2024 EBITDA guidance to a 14% increase and its 2025 year-over-year nights booked growth estimate to 7%. The firm also raised the 2025 EBITDA estimate by 9% to $9.3 billion and the earnings per share (EPS) forecast for 2025 by 6% to $212.
Analysts from Benchmark, Goldman Sachs, and Truist Securities have also provided ratings on Booking Holdings. Benchmark reaffirmed a buy rating, Goldman Sachs maintained a neutral rating, and Truist Securities initiated coverage with a hold rating. These evaluations provide investors with insights into Booking Holdings' financial trajectory and future prospects.
InvestingPro Insights
To complement the article on Visa's partnership with OpenTable, it's worth examining the financial health of Booking Holdings (NASDAQ: BKNG), OpenTable's parent company. According to InvestingPro data, Booking Holdings boasts a substantial market capitalization of $156.12 billion, indicating its significant presence in the travel and dining sector.
The company's financial performance aligns well with the strategic partnership described in the article. Booking Holdings has demonstrated strong revenue growth, with a 15.81% increase in the last twelve months as of Q2 2024, reaching $22.4 billion. This growth suggests that initiatives like the Visa-OpenTable collaboration could further boost the company's top line.
InvestingPro Tips highlight Booking Holdings' impressive gross profit margins, which stood at 84.57% for the same period. This high profitability could provide the company with ample resources to invest in partnerships and technology enhancements, such as the OpenTable & Visa Dining platform mentioned in the article.
Moreover, an InvestingPro Tip notes that 9 analysts have revised their earnings upwards for the upcoming period, indicating positive expectations for the company's performance. This optimism may be partly due to strategic moves like the Visa partnership, which could drive increased user engagement and revenue for OpenTable.
It's worth noting that InvestingPro offers 17 additional tips for Booking Holdings, providing investors with a comprehensive analysis of the company's prospects and potential risks.
The collaboration between Visa and OpenTable, as detailed in the article, appears to be in line with Booking Holdings' strategy to leverage its portfolio of brands to create value for consumers and partners alike. This approach could contribute to maintaining the company's strong market position and financial performance in the competitive travel and hospitality industry.
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