Booking Holdings downgraded to Market Perform from Outperform at Citizens

Citizens analyst Matthew Condon downgraded Booking Holdings (BKNG) to Market Perform from Outperform without a price target The firm sees limited near-term catalysts for the company to meaningfully accelerate its growth. In addition, artificial intelligence represents a “potential structural risk” to online travel agency economics, the analyst tells investors in a research note. While Booking continues to gain share in Asia and sees strong adoption of its Genius loyalty program, these drivers are becoming increasingly penetrated, contends Citizens.