Shares of Booz Allen Hamilton (BAH) plummeted 5.05% during Wednesday's trading session, following a significant downgrade from Goldman Sachs. The management consulting firm's stock took a hit after Goldman Sachs analysts lowered their rating from Neutral to Sell and slashed the price target to $94 from $108.
The downgrade appears to be the primary catalyst for the sharp decline in Booz Allen Hamilton's stock price. Goldman Sachs cited concerns about potential risks to the company's margins, which likely contributed to their more bearish outlook. This negative sentiment was further reinforced by Barclays, who, while maintaining an Equal-Weight rating on the stock, reduced their price target to $120 from $140.
The double whammy of downgrades and price target cuts from major financial institutions has clearly shaken investor confidence in Booz Allen Hamilton. As of the latest trading data, the stock was trading at around $104.70, with trading volume surpassing 2 million shares, approaching its daily average of 2.6 million. The negative analyst actions have overshadowed the company's average hold rating and mean price target of $132.73 from other analysts, as reported by FactSet, highlighting the immediate impact of Goldman Sachs' bearish stance on market sentiment.
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