Jefferies Downgrades Immunogen to Hold, Announces $31 Price Target
Portfolio Pulse from Benzinga Newsdesk
Jefferies analyst Kelly Shi downgraded Immunogen (NASDAQ:IMGN) from Buy to Hold and set a price target of $31. The downgrade reflects a more cautious stance on the stock's near-term performance.
December 01, 2023 | 11:40 am
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NEUTRAL IMPACT
Immunogen was downgraded by Jefferies from Buy to Hold with a price target of $31, indicating a neutral outlook on the stock's short-term performance.
The downgrade from Buy to Hold by a major analyst firm like Jefferies suggests that the firm sees limited upside potential or increased risk in the stock's near-term prospects. This could lead to a neutral or slightly negative investor sentiment in the short term, as market participants often adjust their positions based on analyst ratings. However, the establishment of a price target of $31 also indicates that Jefferies does not necessarily see significant downside, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100