The downgrade from Buy to Hold by a prominent analyst at Jefferies, Jaina Mistry, suggests a shift to a more neutral stance on InterContinental Hotels' stock. This change likely reflects concerns or a lack of immediate positive catalysts that could drive the stock higher in the short term. Investors often view such downgrades as a signal to reassess their positions, potentially leading to decreased buying pressure or increased selling pressure on the stock. However, the impact may be moderated by the specifics of the analyst's report and broader market conditions.