Rent The Runway shares are trading lower after Wells Fargo downgraded the stock from Overweight to Equal-Weight and announced a $0.6 price target.
Portfolio Pulse from Benzinga Newsdesk
Rent The Runway's stock (RENT) is trading lower following a downgrade by Wells Fargo from Overweight to Equal-Weight, with a new price target set at $0.6.
January 16, 2024 | 6:49 pm
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Rent The Runway's stock price is likely to experience downward pressure in the short term due to the downgrade by Wells Fargo and a low price target of $0.6.
Analyst downgrades typically lead to a negative perception among investors, potentially causing a sell-off. The significant reduction in the price target to $0.6 suggests a bearish outlook on the company's valuation and future performance, which could further impact investor sentiment and the stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100