Shares of Leggett & Platt (NYSE: LEG) fell 6.3% on Tuesday after a noted Wall Street analyst reiterated his negative view on the diversified manufacturing leader.

In a note to clients earlier today, Piper Sandler analyst Peter Keith reduced the firm's per-share price target on Leggett & Platt to $16 from $18 and reiterated his underweight rating on the stock.

To justify his relative bearishness, Keith wrote that while Piper Sandler's previous underweight rating "was primarily based on fundamentals with limited risk to the dividend," he now worries that the chance of a dividend cut has increased after taking a deeper dive into Leggett & Platt's balance sheet and cash flows.

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Source Fool.com