Altus Power shares are trading lower after Morgan Stanley downgraded the stock from Overweight to Equal-Weight and lowered its price target from $8 to $4.
Portfolio Pulse from Benzinga Newsdesk
Altus Power shares declined following a downgrade by Morgan Stanley from Overweight to Equal-Weight, with a price target reduction from $8 to $4.
August 21, 2024 | 3:07 pm
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Morgan Stanley downgraded Altus Power from Overweight to Equal-Weight and reduced its price target from $8 to $4, leading to a decline in share price.
The downgrade by a major financial institution like Morgan Stanley typically signals a lack of confidence in the stock's short-term performance, leading to a negative market reaction. The significant reduction in the price target from $8 to $4 further emphasizes the bearish outlook, likely causing investors to sell off shares, thus driving the price down.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100