Wells Fargo raised the firm’s price target on Booking Holdings (BKNG) to $5,248 from $4,470 and keeps an Equal Weight rating on the shares. The firm notes Q4 print meaningfully exceeded its expectation, with nights growth beating guide HE by 5pts. Wells sees Q1 guide as conservative given consistent trends after exiting Q4, and views management’s focus on AI agent development as positive but thinks disintermediation risk remains.
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