Steelcase Inc.'s (SCS) stock plummeted 5.03% during intraday trading on Friday, following an analyst's decision to lower the price target for the office furniture company.

Benchmark analyst Reuben Garner cut the firm's price target on Steelcase from $18 to $16, while maintaining a "Buy" rating on the shares. The analyst's move contributed to the sharp decline in Steelcase's stock price.

Despite the downward revision, Garner remains optimistic about Steelcase's prospects, as reflected in the "Buy" recommendation. However, investors reacted negatively to the price target cut, leading to the significant intraday sell-off.