Shares of Andersons (ANDE) plunged 5.08% in intraday trading on Tuesday, following BMO Capital's initiation of coverage on the stock. The sharp decline came as investors reacted to the new analyst rating and price target.
BMO Capital initiated coverage on Andersons with a Market Perform rating and set a price target of $45. The Market Perform rating typically suggests that the stock is expected to perform in line with the broader market, which may have disappointed some investors who were hoping for a more bullish outlook.
The significant drop in Andersons' stock price indicates that the market may have been anticipating a more positive initial rating or a higher price target. This reaction highlights the impact that analyst coverage can have on stock performance, especially when it comes from a reputable financial institution like BMO Capital. Investors will likely be closely monitoring any further analyst actions or company developments in the coming days to gauge the stock's future direction.
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