WEX Inc.'s stock plummeted 5% in the pre-market trading session on Monday, following Barclays' decision to lower its price target on the company.
Barclays analyst downgraded their price target for WEX Inc. to $155 from the previous target of $200, while maintaining an Equal Weight rating on the shares. The firm cited concerns regarding the company's growth prospects and valuation as reasons for the price target cut.
Investors reacted negatively to the news, sending WEX Inc.'s shares tumbling in the pre-market trading hours. The stock is now trading at a significant discount to its previous levels, reflecting the market's sentiment towards the company's outlook.
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