Wells Fargo Downgrades Rent the Runway to Equal-Weight, Announces $0.6 Price Target
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Ike Boruchow has downgraded Rent the Runway (NASDAQ:RENT) from Overweight to Equal-Weight and set a new price target of $0.6. This reflects a more cautious stance on the company's stock.
January 16, 2024 | 12:10 pm
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Rent the Runway has been downgraded by Wells Fargo from Overweight to Equal-Weight with a price target of $0.6, indicating a potential decrease in stock value.
Downgrades by analysts, especially from a major financial institution like Wells Fargo, can lead to a negative perception among investors and a potential decrease in stock price. The new price target of $0.6 suggests a significant downside from the current trading level, which could result in a short-term negative impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100