Shares of ODDITY Tech Ltd. (ODD) plunged 5.21% in pre-market trading on Friday, as several prominent Wall Street analysts significantly lowered their price targets for the company. The sharp decline comes amid growing concerns about the company's valuation and future growth prospects.

Morgan Stanley led the bearish sentiment by cutting its price target for ODDITY Tech from $61 to $49, maintaining an Equalweight rating on the stock. This move was quickly followed by Barclays, which lowered its target from $64 to $46, also keeping an Equal Weight rating. JP Morgan joined the chorus, reducing its price target from $82 to $67. These successive downgrades appear to have shaken investor confidence, triggering the sell-off.

Despite the overall negative trend, it's worth noting that Truist Securities took a contrarian stance, slightly raising its price target from $78 to $80. However, this lone optimistic view was not enough to offset the broader market reaction to the multiple downgrades. As ODDITY Tech faces this wave of analyst skepticism, investors will be closely watching the company's next moves and upcoming financial results to gauge whether this price correction is justified or if it presents a buying opportunity.