Truist lowered the firm’s price target on Booking Holdings (BKNG) to $5,780 from $5,810 and keeps a Buy rating on the shares as part of a broader research note on Online Travel. As the Iran conflict presents many uncertainties and downside risks, particularly to the Middle East, and given the headwinds around airfares/gas prices, the firm is moderating its estimates pending more clarity on summer travel demand impact, the analyst tells investors in a research note. The firm adds it has also moderated its valuation multiples to reflect investor sentiment, including around AI risks.
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