Truist trims online travel agencies PTs on geopolitical risks

Booking Holdings

06/04/2026 13:32

** Truist cuts PTs on online travel agencies (OTAs) Booking Holdings BKNG.O and Expedia Group EXPE.O

** Says it is modestly cutting estimates and valuations due to uncertainty from the Iran conflict, softer travel demand visibility and cautious investor sentiment

** Says it prefers BKNG for its global and Asia exposure but sees higher geopolitical risk there

** Adds leisure travel could tilt more toward domestic or regional trips as travelers manage costs and avoid conflict-affected areas

** Says EXPE could benefit more near-term from strong U.S.-focused summer travel demand

** As of last close, EXPE down 20.5% YTD

Company
New PT
Old PT
Upside to stock's last close
Booking Holdings
$5,780
$5,810
37.8%
Expedia Group
$246
$252
9.2%

(Reporting by Apratim Sarkar in Bengaluru)

((Apratim.Sarkar@thomsonreuters.com))