Huntsman Corporation (HUN) shares plummeted 6.39% in pre-market trading on Friday, following news that Mizuho has cut its price target for the chemical manufacturing company. The significant drop in stock price reflects investors' immediate reaction to the downward revision in the company's valuation by a major financial institution.
Mizuho, a prominent financial services group, reduced its target price for Huntsman from $15 to $14, signaling a more pessimistic outlook on the company's near-term prospects. This adjustment represents a 6.67% decrease in the expected value of Huntsman's shares, closely mirroring the actual decline observed in the stock price during pre-market trading.
The price target cut by Mizuho may be indicative of broader concerns about Huntsman's financial performance, industry challenges, or macroeconomic factors affecting the chemical sector. Investors appear to be reassessing their positions in light of this new analysis, leading to increased selling pressure on Huntsman's stock. As the market digests this information, it remains to be seen how the company will respond and whether other analysts will follow suit with similar downgrades.
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