Shares of Weave Communications, Inc (WEAV) tumbled 5.07% in Friday's pre-market trading session following a significant downward revision in its price target by Stifel, a prominent financial services firm. This sharp decline reflects immediate investor reaction to the lowered expectations for the company's stock performance.

Stifel, in a note released early Friday, cut its target price for Weave Communications from $16 to $13. This represents a substantial 18.75% reduction in the expected value of the stock. Such revisions from respected financial institutions often carry considerable weight among investors and can significantly influence trading patterns.

The reasons behind Stifel's decision to lower the target price were not explicitly stated in the available information. However, such adjustments typically stem from a variety of factors, which may include changes in the company's financial outlook, shifts in market conditions, or alterations in the competitive landscape. Investors are likely to closely monitor any forthcoming statements from Weave Communications or further analyst reports for additional insights into this development.