Shares of Intuitive Machines (LUNR) took a nosedive on Friday, plummeting 5.02% during intraday trading. The significant drop comes as investors react to a lowered price target from a prominent financial firm.

Canaccord, a respected voice in the financial sector, reduced its price target for Intuitive Machines to $15.50 from the previous $18.50. This adjustment represents a substantial 16.2% decrease in the firm's valuation outlook for the company. Despite the lowered target, Canaccord maintained its Buy rating on LUNR shares, suggesting continued confidence in the company's long-term prospects.

The market's sharp reaction to this news underscores the weight that analyst opinions carry in shaping investor sentiment. While the maintained Buy rating offers some reassurance, the significant reduction in price target appears to have prompted a sell-off among investors. As the trading day progresses, all eyes will be on Intuitive Machines to see if the stock can recover from this early setback or if the downward pressure will persist.