Wells Fargo raised the firm’s price target on Booking Holdings (BKNG) to $5,411 from $4,692 and keeps an Equal Weight rating on the shares. The firm notes shares have outperformed year-to-date, +15% vs. SPX +7%, as continued strong execution and material FX tailwind have offset travel macro and geopolitical concerns. Wells expects trends to continue in Q2/second half of the year, but is watching search landscape closely for travel impacts.
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