Shares of Udemy, Inc. (UDMY) plummeted 5.80% in pre-market trading on Thursday, following a series of price target cuts from major research firms. The online learning platform's stock faced downward pressure as analysts adjusted their outlook on the company.

Bank of America Global Research lowered its price objective for Udemy from $9 to $8, signaling a more cautious stance on the stock. Similarly, Morgan Stanley reduced its target price to $8.5 from $9, further contributing to investor concerns. Despite these reductions, Needham maintained its price target at $11.00 per share, offering a slightly more optimistic view amidst the overall bearish sentiment.

The collective downward revisions in price targets suggest that analysts are reassessing Udemy's growth prospects or valuation in the current market environment. While the specific reasons for these adjustments were not detailed in the available news, such changes often reflect shifts in a company's financial outlook, competitive positioning, or broader market trends affecting the e-learning sector. Investors appear to be reacting to these analyst moves, leading to the significant pre-market decline in Udemy's stock price.