BKNG → $192.00 by Aug 22, 2026.

TL;DR: Booking Holdings ($BKNG) owns the digital highway connecting travelers to hotels, flights, and rentals. 97% gross margins, 73% ROIC, $7.8B owner earnings. The stock trades at 16x earnings because Wall Street is pricing in AI disruption and Middle East travel headwinds. I think the market is overreacting to temporary noise on a business with accelerating returns on capital. Trading at $160 vs. intrinsic value of $192 (18% margin of safety). **The Business** Booking doesn't own hotels or clean rooms. …