Why Investors Dimmed on Lumen Techologies Stock Today
Lumen Technologies (NYSE: LUMN), a low-priced stock that tends to be volatile, had an unfavorable trading session on Tuesday. The company's share price took a more than 5% hit following an analyst's rather deep price target cut. That decline was well steeper than the 0.4% dip of the S&P 500 index on the day.
The person behind the downgrade was Simon Flannery at ever-influential investment bank Morgan Stanley. Before market open, Flannery reduced his price target on Lumen stock to $1.80 per share; that's quite some distance below his previous $2.50 level.
The reasons for Flannery's chop weren't immediately apparent, but the move is only the latest blow putting the hurt on the struggling telecom stock. It's been especially out of favor over the last month or so, following the release of its latest set of quarterly results at the beginning of August.
Source Fool.com
