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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.