Jefferies analyst Brent Thill downgraded Booking Holdings to Hold from Buy and lowered his price target for the shares to $1,940 from $2,400. The analyst says he's turning incrementally more cautious on the travel space given the highly discretionary nature of travel spend and market expectations for a macro slowdown. He continues to like Booking's fundamentals but sees limited upside in the stock over the next 12 months. A macro slowdown should have a disproportionate impact on leisure travel given the discretionary nature of the activity, Thill tells investors in a research note.