Booking Holdings price target raised to $4,200 from $4,000 at Morgan Stanley

Morgan Stanley analyst Brian Nowak raised the firm’s price target on Booking Holdings to $4,200 from $4,000 and keeps an Equal Weight rating on the shares. The firm, which essentially thinks U.S. lodging spend has reverted back to a normalized level of PCE, likes Booking fundamentally, but sees balanced risk/reward with only about 17% upside in a stable macro scenario, but about 20% downside if the macro environment weakens, leading it to await a better entry point.