Booking Holdings (BKNG) PT Lowered to $2,800 at Jefferies Amid Russia-Ukraine Conflict

Jefferies analyst John Colantuoni lowered the price target on Booking Holdings (NASDAQ: BKNG) to $2,800.00 (from $3,000.00) while maintaining a Buy rating to account for the Russia-Ukraine conflict.

The analyst commented, "BKNG disclosed Russia-Ukraine represents a LSD percentage of Bookings, while E. Europe represents a HSD percentage. In addition, Room Nights finished Feb consistent w/ 2019, but the past week was down 10%, driven primarily by Russia. We are cutting our FY22 est's for Room Nights/ GBV/ Rev by 2%/ 3%/ 3%, but expect a recovery to current cons by Q4 due to pent-up travel demand. We reduce our PT to $2,800 (from $3,000) in response to lower est's & N-T uncertainty."

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