Evercore ISI’s Mark Mahaney sees Booking Holdings as one of the stocks best positioned to weather a decline in travel demand in 2023. Despite a 14% drop this year, Booking delivers value to shareholders East and the management team “have passed the test of battle,” Mahaney told CNBC’s “The End Bells” on Thursday. The company’s conservative approach to cost structure and continued position as the largest player in the accommodation sector worldwide, compounded for additional reasons such as inventory levels. Arguably they could grow faster, post-Covid, after normalization, than they did in 2019. “It’s a good story to put together,” he said. Wall Street is bracing for a travel slowdown in the coming months after a record summer of pent-up demand during the pandemic. Despite that backdrop, Mahaney considers many tourism businesses more profitable than other digital companies that have benefited from the headwinds of Covid-19 and must now cut costs amid the environment. weak macro. “Tourists cut costs early on, so they entered this soft environment with a streamlined and streamlined cost structure,” said Mahaney. In that context, Mahaney also liked Airbnb, but viewed Booking as a more favorable travel game because it was less expensive. Mahaney joined CNBC Pro Talks for a live discussion on Friday.