Calumet Specialty Products Partners LP (CLMT) stock suffered a 5.2% pre-market plunge on Tuesday, following a downgrade by analysts at TD Cowen.
According to reports, TD Cowen lowered its rating on CLMT from "Buy" to "Hold" and cut the price target from $26 to $22.80. This negative analyst action appears to be the primary driver behind CLMT's steep pre-market decline.
Analysts at other firms currently have an average "Overweight" rating on CLMT shares, with a mean price target of $22.80, according to data compiled by FactSet. However, the downgrade from TD Cowen, a respected Wall Street research firm, has likely weighed heavily on investor sentiment, leading to the sell-off in pre-market trading.
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