Silicon Motion Technology shares are trading lower after Morgan Stanley lowered its price target on the stock from $78 to $65.
Portfolio Pulse from Benzinga Newsdesk
Silicon Motion Technology shares declined after Morgan Stanley reduced its price target from $78 to $65.
September 16, 2024 | 5:02 pm
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Silicon Motion Technology's stock is under pressure following Morgan Stanley's decision to lower its price target from $78 to $65.
The reduction in the price target by a major financial institution like Morgan Stanley is likely to negatively impact investor sentiment, leading to a decline in the stock price. The market often reacts to such changes in analyst ratings, especially when the adjustment is significant.
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