Wedbush trims online travel firms' price target on AI risk concerns
Wedbush lowers price targets on online travel companies on risks from exposure to AI-enabled disintermediation
Brokerage says while booking windows have started to extend and consumers are reporting longer lengths of stay, AI could hurt long-term business for intermediaries like Airbnb ABNB.O, Booking Holdings BKNG.O, Expedia Group EXPE.O and Tripadvisor TRIP.O
Adds that Expedia is most exposed to disintermediation given the company's relative exposure to a concentrated supply of hotel and accommodation chains
Says it expects Airbnb to be the least exposed to displacement given co's fragmentation of its host and supply base
Wedbush says it is most positive on BKNG as co's geographic diversification limits exposure to pockets of softness or a weaker consumer
Following are the new PTs:
Company | New PT | Old PT |
Airbnb ABNB.O | $130 | $135 |
Tripadvisor TRIP.O | $15 | $18 |
Booking Holdings BKNG.O | $5500 | $6000 |
Expedia EXPE.O | $260 | $290 |
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