Shares of E2open Parent Holdings, Inc. (ETWO) plummeted 5.62% in pre-market trading on Wednesday, as multiple analysts lowered their price targets for the company. The significant drop comes amid growing pessimism surrounding the stock's prospects.

UBS analyst Taylor McGinnis reduced the firm's price target on E2open from $3 to $2.50, while maintaining a Neutral rating on the shares. Additionally, Morgan Stanley trimmed its price target to $2.10 from $2.30, keeping an Equalweight rating. These downgrades appear to have sparked a sell-off among investors, contributing to the sharp decline in ETWO's stock price.

The overall sentiment towards E2open remains cautious, with analysts polled by FactSet giving the stock an average rating of underweight. The mean price target now stands at $2.24, reflecting the recent adjustments. As the market digests these new valuations, investors will be closely watching E2open's performance and any potential catalysts that could shift the company's trajectory.