Jefferies notes that rumors of the coming announcement of OpenAI’s agent contributed to high-single digit downside for Booking Holdings (BKNG) and Expedia (EXPE) in recent days on fears of disintermediation, but after OpenAI unveiled “Operator,” its AI agent capable of handling a variety of browser tasks, the firm says that details provided “helped allay those fears” given OpenAI’s list of partners included Booking. The partnerships support the firm’s view that AI agents will “eventually be another performance channel that could help consolidate share around scaled Internet names,” adds the analyst, who has a Hold rating and $4,650 price target on Booking shares.
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