Shares of Ameresco (AMRC) plummeted 13.31% in the pre-market trading session on Friday morning, February 28th, following a series of price target cuts by analysts who expressed concerns about the company's growth prospects.
Canaccord Genuity analyst George Gianarikas slashed the firm's price target on Ameresco from $36 to $27, while maintaining a Buy rating on the stock. Similarly, B. Riley analyst Christopher Souther lowered the price target from $31 to $29 but reiterated a Buy rating.
The sharp sell-off in Ameresco's shares also comes amid broader market concerns about a potential stock market bubble. Legendary investor Jeremy Grantham warned that the U.S. stock market is now in "super bubble" territory, citing record levels of traditional valuation metrics. This warning has added to overall market jitters, potentially contributing to the sell-off in Ameresco and other stocks.
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