Shares of Kemper (KMPR) experienced a sharp decline in pre-market trading on Thursday, plummeting 12.24% following a bearish analyst report from Piper Sandler. The significant drop comes as investors react to the lowered price target and maintained negative outlook on the stock.

Piper Sandler analyst Paul Newsome cut the firm's price target on Kemper to $35 from $50, representing a substantial 30% reduction. The analyst also maintained an Underweight rating on the shares, signaling continued pessimism about the company's prospects. This dramatic reduction in the price target has sparked concern among investors about Kemper's future performance and valuation.

The market's reaction to the analyst report has been swift and severe, with the pre-market plunge indicating a significant shift in investor sentiment. As trading continues, market participants will be closely monitoring any further developments or responses from Kemper management to address the concerns raised by the Piper Sandler analysis. The stock's performance throughout the trading session will likely be influenced by this negative outlook and any additional information that may emerge regarding the company's financial health and strategic direction.