** Bernstein cuts price target on online travel agencies (OTAs) Booking Holdings BKNG.O and Expedia EXPE.O

** Brokerage notes OTAs ended 2025 strongly, beating revenue and profit expectations and growing their market share across the year

** Says, however, worries about how AI might change the way people search for and book travel have weighed on their share prices

** Bernstein notes while AI remains a meaningful risk, OTA shares are now approaching 'AI disruption' scenario floors; combined with strong earnings momentum, the risk‑reward profile appears more balanced

** As of last close, both BKNG and EXPE were down more than 18% YTD

(Reporting by Megavarshini G. Somasundaram in Bengaluru)

((Megavarshini.SomasundaramGnanasundari@thomsonreuters.com))