Initiate a 1.0% core position in BKNG at ~$212.50 with staged adds of 1.0% at $199–207 and 1.0% at $185–195 (with confirmed macro catalyst), capping total exposure at 3.0%. Raise the hard stop to $185 (just above the 200 SMA at $184.77), tightening the plan's $179 floor as the prior 50 SMA has been overtaken and no longer represents the operative trend reference. The $230–250 base case target reflects continued buyback-supported compounding at a reasonable multiple, with the Overweight rating justified by the buyback floor and confirmed uptrend despite technically extended conditions.