Shares of Bright Horizons Family Solutions (BFAM) plummeted 12.01% during intraday trading on Friday, marking a significant decline for the childcare and education services provider.
The sharp drop follows a series of negative analyst actions targeting the company. Morgan Stanley reaffirmed its Sell rating on the stock and significantly reduced its price target to $70 from $93. Separately, Jefferies also cut its target price for Bright Horizons to $90 from $105. These downward revisions reflect growing analyst caution regarding the company's financial outlook.
The simultaneous price target reductions from multiple major financial institutions have contributed to negative investor sentiment, driving the stock's substantial decline in today's trading session.