Shares of Green Plains (GPRE) plummeted 7.06% in intraday trading on Thursday, as investors reacted to a significant downgrade from Bank of America. The sharp decline comes amid growing concerns about the company's performance and outlook in the near to medium term.

The catalyst for the sell-off was a research note from Bank of America, in which analyst Salvator Tiano lowered the rating on Green Plains from Neutral to Underperform. This downgrade signals a notably bearish stance on the stock, suggesting that BofA analysts expect the company to underperform the broader market in the coming period. Adding to the negative sentiment, Tiano also set a new price target of $7 for Green Plains stock, which implies considerable downside potential from its previous levels.

The downgrade and revised price target have evidently shaken investor confidence, leading to the substantial sell-off. While the specific reasons behind BofA's pessimistic outlook were not immediately clear, the market's strong reaction suggests that investors are reassessing Green Plains' prospects and potential challenges that could impact its performance. As the trading session progresses, market participants will likely be closely watching for any additional details or explanations regarding the factors behind this bearish stance on Green Plains.