Truist initiated coverage of Booking Holdings with a Hold rating and $4,100 price target. Booking is the global leader in online travel and is well positioned for the secular growth of global travel, the analyst tells investors in a research note. However, the firm says decelerating leisure growth in what is now year five of the current lodging cycle drives its Hold rating. Truist cites moderating macro travel growth and the strong stock reaction following the Q2 earnings report despite modest guidance revisions for the rating.
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