2023-09-05 18:54:34 ET
Lumen Technologies (NYSE: LUMN) , a low-priced stock that tends to be volatile, had an unfavorable trading session on Tuesday. The company's share price took a more than 5% hit following an analyst's rather deep price target cut. That decline was well steeper than the 0.4% dip of the S&P 500 index on the day.
The person behind the downgrade was Simon Flannery at ever-influential investment bank Morgan Stanley . Before market open, Flannery reduced his price target on Lumen stock to $1.80 per share; that's quite some distance below his previous $2.50 level.
The reasons for Flannery's chop weren't immediately apparent, but the move is only the latest blow putting the hurt on the struggling telecom stock . It's been especially out of favor over the last month or so, following the release of its latest set of quarterly results at the beginning of August.
For further details see:
Why Investors Dimmed on Lumen Techologies Stock Today