Truist trims online travel agencies PTs on geopolitical risks

Truist cuts PTs on online travel agencies (OTAs) Booking Holdings BKNG.O and Expedia Group EXPE.O

Says it is modestly cutting estimates and valuations due to uncertainty from the Iran conflict, softer travel demand visibility and cautious investor sentiment

Says it prefers BKNG for its global and Asia exposure but sees higher geopolitical risk there

Adds leisure travel could tilt more toward domestic or regional trips as travelers manage costs and avoid conflict-affected areas

Says EXPE could benefit more near-term from strong U.S.-focused summer travel demand

As of last close, EXPE down 20.5% YTD