Shutterstock (SSTK) stock plummeted 5.46% in pre-market trading on Monday, following Morgan Stanley's decision to lower their price target on the stock.
Morgan Stanley analyst Matthew Cost cut the firm's price target on Shutterstock from $50 to $28.85, while maintaining an Equal Weight rating. This move caused the average analyst price target on the stock to drop to around $43.28, according to data from FactSet.
The sharp reduction in Morgan Stanley's price target reflects growing concerns about Shutterstock's growth prospects and profitability in the near term. The stock's pre-market plunge on Monday suggests that investors are pricing in these increased risks.
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