Third Coast Bancshares, Inc. (TCBX) saw its stock price plummet by 5.53% during intraday trading on Wednesday, following an analyst downgrade and price target adjustment.
Keefe, Bruyette & Woods, a prominent research firm, downgraded Third Coast Bancshares from an "Outperform" rating to "Market Perform." Additionally, the firm adjusted its price target for the stock from $40 to $42, reflecting a change in their valuation outlook for the company.
Analyst downgrades and price target revisions can significantly impact a stock's price movement, as they influence investor sentiment and expectations. In this case, the downgrade from Keefe, Bruyette & Woods seems to have contributed to the sharp sell-off in Third Coast Bancshares' shares during Wednesday's trading session.
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