Materion (MTRN) shares tumbled 5.43% in intraday trading on Wednesday, following a significant downgrade from KeyBanc Capital Markets. The financial services firm lowered its rating on the advanced materials company from Overweight to Sector Weight, simultaneously removing its previous price target of $115.

The downgrade, which was announced in pre-market hours, appears to have sparked a selloff among investors. KeyBanc's decision to remove its price target altogether, rather than merely lowering it, may have further intensified the negative sentiment surrounding Materion's stock.

While the specific reasons behind KeyBanc's downgrade were not immediately clear, such actions by major financial institutions often reflect concerns about a company's growth prospects, valuation, or broader industry trends. Investors will likely be closely monitoring any further analyst comments or company announcements for additional insights into Materion's current position and future outlook.