Bernstein lowered the firm’s price target on Booking Holdings (BKNG) to $188 from $4,698 given share split, while keeping a Market Perform rating on the shares. The firm notes Booking’s share price is down 22% year-to-date, yet earnings have been climbing. The dissonance is driven by growing terminal value concerns, as investors wrangle with how AI will impact the OTA landscape over the next 5 years and beyond, Bernstein adds.
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