Booking Holdings (BKNG) saw its stock plummet by 5.07% during Thursday's trading session, following a significant price target cut by Jefferies. The sharp decline comes as investors reassess the company's valuation in light of the analyst's revised outlook.

Jefferies, a prominent financial services company, adjusted its price target on Booking Holdings to $5,000 from the previous $5,400, while maintaining a Hold rating on the stock. This represents a substantial reduction in the expected value of the company's shares, potentially triggering a sell-off among investors.

Despite the price target cut, it's worth noting that the average analyst rating for Booking Holdings remains "overweight," with a mean price target of $5,607.67, according to data from FactSet. This suggests that while Jefferies has become more cautious, the overall sentiment among analysts remains relatively positive. However, the market's reaction indicates that investors are placing significant weight on Jefferies' revised outlook, leading to the sharp decline in Booking Holdings' stock price.