Sandstorm Gold Ltd (SAND) shares plummeted 5.56% in the pre-market trading session on Wednesday. The drop came after H.C. Wainwright lowered its price target on the stock.
H.C. Wainwright cut the firm's price target on Sandstorm Gold to $11.50 from $12, while maintaining a Buy rating on the shares. The price target reduction followed Sandstorm Gold's Q4 results release.
Despite the price target cut, H.C. Wainwright remains optimistic about Sandstorm Gold's prospects, reflected in the maintained Buy rating. However, investors reacted negatively to the price target revision, leading to the pre-market sell-off.
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