Citi analyst Mark May downgraded Expedia (EXPE) to Neutral from Buy and lowered his price target for the shares to $130 from $145. The analyst coupled the downgrade with an upgrade of Booking Holdings (BKNG) to Buy from Neutral. Vrbo's growth has "disappointed and slowed meaningfully," and this could weight on Expedia's overall growth, May tells investors in a research note. Further, Booking is stepping up its investments in the U.S., which could weigh on both Expedia's core business and Vrbo growth, adds May. He believes Booking shares are better positioned than Expedia for at least the remainder of 2019.