Shares of Booking Holdings (BKNG) plummeted 5.07% during intraday trading on Thursday, following a downward adjustment in the company's price target by Jefferies. The significant drop comes as investors react to the revised outlook for the online travel giant.

Jefferies, a prominent financial services company, has lowered its price target for Booking Holdings from $5,400 to $5,000, while maintaining a Hold rating on the stock. This adjustment represents a notable reduction in the expected value of BKNG shares, potentially triggering a sell-off among investors.

Despite the lowered price target, it's worth noting that Booking Holdings still maintains an average rating of overweight among analysts polled by FactSet, with a mean price target of $5,607.67. However, the market's immediate reaction suggests that investors are particularly sensitive to any perceived negative shifts in analyst sentiment, especially concerning high-profile growth stocks in the travel sector. As the travel industry continues to navigate post-pandemic recovery and changing consumer behaviors, investors will likely keep a close eye on further analyst updates and the company's upcoming performance reports.