Shares of MINISO Group Holding Limited (MNSO) plunged 5% in intraday trading on Tuesday after Deutsche Bank downgraded the stock from Buy to Hold and lowered its price target. The move sparked a sell-off among investors, reflecting growing concerns about the company's near-term prospects.

Deutsche Bank analysts adjusted their price target for MINISO from $24 to $20, citing potential headwinds for the company. This downgrade comes as a significant shift in sentiment for the Chinese retailer, known for its variety stores and branded merchandise.

Despite the downgrade from Deutsche Bank, it's worth noting that the overall analyst consensus for MINISO remains positive. According to FactSet data, the average rating for the stock is still a Buy, with a mean price target of $22.47. This suggests that while some analysts are becoming more cautious, others maintain a bullish outlook on the company's long-term potential.

Investors will be closely monitoring MINISO's performance in the coming weeks to see if the company can address the concerns raised by Deutsche Bank and regain market confidence. The stock's reaction to this downgrade underscores the significant impact that analyst opinions can have on short-term market movements.