WaFd (WAFD) stock plummeted 6.45% in the pre-market trading session on Tuesday, following an analyst's downward revision of the price target for the company.

Keefe Bruyette analyst Kelly Motta lowered the firm's price target on WaFd to $34 from $42, while maintaining a Market Perform rating on the shares. The price target cut appears to have triggered selling pressure, leading to the steep pre-market decline.

Analysts' price target revisions often serve as catalysts for stock price movements, as they reflect changes in the perceived value and growth prospects of a company. The downgrade suggests that the analyst has lowered their expectations for WaFd's future performance.