Booking Holdings price target lowered to $5,407 from $5,433 at Bernstein

Bernstein lowered the firm’s price target on Booking Holdings (BKNG) to $5,407 from $5,433 and keeps a Market Perform rating on the shares. The firm says it normally bemoans the fact that every year our outlook piece has to be overly focused on recession risk. 2026 looks a rare exception, which should be a good year for travel with more stable U.S./China markets, limited supply supporting pricing and a strong event calendar. Bernstein is positive on the fundamentals, but notes that for OTAs, the AI question will dominate as online travel stocks remain at the center of the AI debate.