** Shares of Booking Holdings BKNG.O down 6.5% to $3807 in morning trade after at least two brokerages cut PT on the online travel agency

** Jefferies cuts PT to $4500 from $5600 "on lower peer valuation"; maintains "hold" rating

** New PT still represents 10.45% upside to stock's last close

** Says while BKNG offers peer-leading execution and free cash flow, it sees stock upside capped by a potential slowdown in room nights from normalizing end-market growth

** Argus Research cuts PT to $4700 from $6400 "to reflect recent price activity"; maintains "buy"

** New PT implies a 15.3% upside

** Median PT of 39 brokerages covering the stock is $5967.50 - data compiled by LSEG

** Including session moves, BKNG shares down 28.78% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))