Booking Holdings Inc (NASDAQ:BKNG) shares are trading lower Thursday after Morgan Stanley cut its price target on the stock.
Morgan Stanley analyst Brian Nowak maintained Booking Holdings with an Equal-Weight rating, but lowered the price target from $2,820 to $2,100, citing weakening travel demand.
Travel spend intentions over the next six months down-ticked across almost every income bracket over the last two weeks, Morgan Stanley said, citing an AlphaWise consumer pulse survey. The percentage of high-income consumers that plan to reduce travel as a result of rising inflation also increased, the analyst firm said.
Tourism and vacation saw the biggest month-over-month decline and net travel spending intentions for both domestic and international leisure turned negative for the first time together.
"Taken together, we see clearer evidence that travel demand is likely to slow," Morgan Stanley said.
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BKNG Price Action: Booking Holdings has traded between $2,715.66 and $1,796.45 over a 52-week period.
The stock was down 2.24% at $1,847.47 at press time, according to data from Benzinga Pro.
Photo: raon20130 from Pixabay.
