ServiceTitan (TTAN) shares experienced a sharp pre-market plunge of 14.45% on Friday, following the release of the company's first-quarter results. The significant drop suggests that the Q1 performance fell short of investor expectations, despite recent positive analyst actions.
The sell-off appears to be primarily driven by the company's Q1 financial report, details of which have not been fully disclosed in the available news. However, the market's reaction indicates that the results may have missed key metrics or provided guidance that disappointed investors.
Interestingly, this pre-market decline comes amid a series of positive analyst actions. TD Cowen raised its target price for ServiceTitan to $145 from $140, while Morgan Stanley increased its price target to $109 from $107. Additionally, analysts from Truist Financial and Stifel Nicolaus reiterated their Buy ratings on the stock. These positive outlooks suggest that despite the immediate negative reaction to the Q1 results, some analysts maintain confidence in ServiceTitan's long-term prospects.
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