What Could Lift Booking Holdings Stock?

Shares of Booking Holdings (BKNG) have lost 17.2% over the past year, lagging the S&P 500 and its 17.4% return. Following that decline, the stock trades at 17.3 times earnings. That multiple sits below the company's average of 28.3 over its last 12 fiscal quarter ends. A lower P/E means paying less for each dollar of profit, but that discount only pays off if the profit keeps growing. So what would have to go right for Booking Holdings stock to climb from here.