Shares of Compass, Inc. (COMP) tumbled 5.43% in pre-market trading on Friday, as multiple analysts lowered their price targets for the real estate technology company. The stock's decline comes in the wake of pessimistic views from prominent Wall Street firms, signaling potential challenges ahead for the company.
Barclays took a particularly bearish stance, slashing its price target for Compass from $9 to $8. This significant reduction was echoed by Oppenheimer, which also cut its target price from $13 to $12. These downgrades suggest that analysts are recalibrating their expectations for Compass's future performance in light of current market conditions and company-specific factors.
Despite the price target cuts and the pre-market plunge, it's worth noting that the overall sentiment on Wall Street remains cautiously optimistic. According to analysts polled by FactSet, Compass maintains an average rating of overweight, with a mean price target of $10.19. This indicates that while near-term headwinds are acknowledged, some analysts still see potential upside for the stock. Investors will be closely watching Compass's upcoming performance to see if it can overcome these challenges and regain market confidence.
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