Optimistic Outlook for Booking Holdings Amid Market Strengths and ChallengesWe continue to see BKNG strongly positioned given cost leverage & share gains, reiterate Top Pick. Target to $6500 (vs. $6000), or 25x 26E P/E. Airline Comments, FX, & Margin Setup Airline comments: Both UAL & DAL noted QTD inflection in bookings, but focused on US (15% of BKNG rev.); RyanAir this AM noted better-than-exp. close-in bookings May-June, and better pricing for Q2E; though, last week, EasyJet took a more negative angle, describing a continued shortening booking window. FX: USD is down another 2% vs. euro and 1% vs. int'l basket since BKNG reported Q1, which should flow through to BKNG profits approx. 1:1.