Shares of AES Corp (AES) plummeted 5.09% in Monday's intraday trading session following an analyst downgrade from Seaport Global. Seaport Research analyst Angie Storozynski lowered her rating on AES to Sell from Neutral, citing weakness in the company's renewables segment. A $7 price target was also set on the stock.
The downgrade comes as a significant blow to AES Corp, a leading power company with a global presence in renewable energy sources such as wind and solar. Storozynski's concerns over the renewables segment's performance highlight potential challenges the company is facing in capitalizing on the growing demand for clean energy solutions.
AES Corp's stock opened at $27.50 on Monday and tumbled to an intraday low of $26.10 following the analyst downgrade, reflecting investor jitters over the company's prospects. The sell-off erased nearly $700 million from AES Corp's market capitalization, underscoring the impact of analyst actions on stock valuations.
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