Shares of Leggett & Platt (LEG) plummeted 5% in Wednesday's intraday trading session, despite recent analyst upgrades, as investors reacted negatively to the company's third-quarter earnings report released late Tuesday.

The dramatic decline suggests that Leggett & Platt's Q3 financial results fell short of market expectations, overshadowing positive analyst actions. While specific details of the earnings report were not immediately available, the market's reaction indicates that investors were disappointed with the company's performance or outlook.

Interestingly, the stock's decline comes in the face of target price increases from two prominent analysts. Piper Sandler raised its target price for Leggett & Platt from $9 to $10 while maintaining a Neutral rating, and Truist Securities increased its target from $10 to $12. However, these positive analyst actions were not enough to prevent the sell-off, underscoring the significance of the earnings disappointment in investors' minds.