Booking Holdings (BKNG) has dropped about 15% year-to-date, mainly due to concerns over AI disruption, but its core ecosystem remains crucial for tourism and booking services. Trading at 17 times forward price-to-earnings, BKNG carries a slight premium over peers, justified by its consistent growth and strong fundamentals. An analyst initiates coverage with a Buy rating, anticipating a market rerating if BKNG continues its steady revenue and profit growth.