Shares of Sprinklr, Inc. (CXM) tumbled 6.18% in pre-market trading on Thursday, as investors reacted to recent analyst reports that paint a cautious picture for the company's future prospects. The significant drop comes amid growing concerns about Sprinklr's valuation and market position.
The sell-off appears to be largely driven by a bearish report from Barclays, released early Thursday morning. Analyst Raimo Lenschow maintained a Sell rating on Sprinklr, setting a price target of $9.00. This pessimistic outlook suggests limited upside potential and possible downside risks for the stock, likely contributing to the pre-market pressure on CXM shares.
Adding to the negative sentiment, D.A. Davidson's analyst Clark Wright reiterated a Hold rating on Sprinklr in a report released on Wednesday. While less bearish than Barclays' stance, the Hold rating indicates a lack of strong positive catalysts for the stock in the near term. The combination of these two lukewarm-to-negative analyst perspectives appears to have prompted investors to reassess their positions in Sprinklr, resulting in the sharp pre-market decline.
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