Recent media reports and fund manager selling suggests many were already pricing in a downgrade to Flight Centre's profit forecasts and today's price falls seem a modest reaction to what is quite a substantial downgrade. Over the short term, I would not be surprised to see shares fall further from today's levels around $34 as analysts (already nervous over the outlook) revise their price targets and recommendations. Other travel stocks on the nose after the news of Flight Centre's downgrade include Corporate Travel Management Ltd ( ASX: CTD ) and Webjet Limited ( ASX: WEB ). They are down 1.8% and 2.3% respectively this afternoon, as the S&P/ASX 200 (Index: ^AJXO) (ASX: XJO) index trades just 0.3% lower.