Wells Fargo lowered the firm’s price target on Booking Holdings (BKNG) to $4,567 from $5,248 and keeps an Equal Weight rating on the shares. The firm is cutting room night estimates on weaker demand trends, but sees FX as an offset to reported bookings and revenue. Wells prefers Booking’s lesser U.S. travel exposure near term, but warns that should global macro uncertainty persist, it expects no region to be immune.
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