ProFrac shares are trading lower after Morgan Stanley downgraded the stock from Equal-Weight to Underweight and lowered its price target from $7 to $6.50.
Portfolio Pulse from Benzinga Newsdesk
ProFrac shares declined following a downgrade by Morgan Stanley from Equal-Weight to Underweight, with a reduced price target from $7 to $6.50.
October 17, 2024 | 4:51 pm
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NEGATIVE IMPACT
ProFrac's stock was downgraded by Morgan Stanley from Equal-Weight to Underweight, with a price target cut from $7 to $6.50, leading to a decline in share price.
The downgrade by a major financial institution like Morgan Stanley typically signals a negative outlook, which can lead to a decrease in investor confidence and a drop in stock price. The reduced price target further supports this negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100