Shares of F&G Annuities & Life Inc (FG) plunged 6.99% in pre-market trading on Thursday, following a target price cut by Barclays. The significant drop comes as investors react to the lowered expectations from a major financial institution.

Barclays analyst Alex Scott maintained a Hold rating on F&G Annuities & Life Inc but reduced the price target from $41 to $40. This adjustment, although relatively small, appears to have triggered a disproportionate market response. The new target price still implies potential upside from the current trading levels, but the reduction signals a slightly less optimistic outlook for the company.

The market's sharp reaction to this news suggests that investors may be particularly sensitive to any perceived negative signals about F&G Annuities & Life Inc. The maintained Hold rating, combined with the lowered price target, could be interpreted as a lack of strong bullish sentiment from Barclays, potentially prompting some shareholders to reassess their positions. As trading continues, it remains to be seen whether this pre-market plunge will persist or if the stock will find support at these lower levels.