Booking Holdings price target adjusted to $220 at Benchmark after split

Benchmark adjusted the firm’s price target on Booking Holdings (BKNG) to $220 from $5,600 and keeps a Buy rating on the shares to reflect the recent share split, with no change to its underlying valuation framework. While the firm continues to like Booking as ‘a core long-term holding,” the analyst is “reticent to recommend the name” into the Q1 report due next Tuesday given the recent move and the more marginal upside profile relative to other names in the analyst’s coverage universe, “along with risk that some of the potential negative trends we see emerging may play out near-term,” the analyst tells investors in a preview.