Lithia Motors' stock fell 5.16% during intraday trading on Thursday, as the automotive retailer faced selling pressure after major Wall Street analysts reduced their price targets for the company.

The decline followed announcements from JP Morgan and Wells Fargo lowering their target prices for Lithia Motors. JP Morgan cut its target to $350 from $355, while Wells Fargo reduced its target to $355 from $358. Additionally, Wells Fargo maintained its Equal-Weight rating on the stock, indicating a neutral outlook.

Analyst target price reductions typically signal concerns about a company's future earnings potential or valuation, often prompting investors to reassess their positions. The simultaneous cuts from two major financial institutions appear to have contributed to the downward pressure on Lithia Motors' share price during the trading session.