Shares of Lattice Semiconductor (LSCC) plummeted 7.17% in pre-market trading on Tuesday, following a series of price target cuts from multiple analyst firms. The semiconductor company faced a significant sell-off as investors reacted to the revised outlooks from prominent financial institutions.
Deutsche Bank adjusted its price target for Lattice Semiconductor to $60 from $70, while maintaining a Buy rating. Similarly, Benchmark lowered its target price to $60 from $65. Raymond James also joined the trend, reducing its price target to $64 from $66. These downward revisions suggest growing concerns about the company's near-term growth prospects and valuation.
Adding to the bearish sentiment, Bank of America Securities reiterated a Sell rating on Lattice Semiconductor, citing high valuation and market challenges. Despite the overall negative tone, it's worth noting that the average analyst rating for LSCC remains overweight, with a mean price target of $63, according to FactSet data. This collective reduction in price targets, however, appears to have triggered a significant market reaction, leading to the sharp decline in Lattice Semiconductor's stock price.
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