Ameresco (AMRC) stock plunged 8.4% in pre-market trading on Friday, following a price target cut by Canaccord Genuity analyst George Gianarikas.
Gianarikas lowered the firm's price target on Ameresco from $36 to $27, citing concerns about the company's growth prospects. However, the analyst maintained a Buy rating on the stock, suggesting potential upside from the revised price target.
The pre-market plunge in Ameresco's shares also comes amid broader market concerns about a potential stock market bubble. Legendary investor Jeremy Grantham warned that the U.S. stock market is now in "super bubble" territory, citing record levels of traditional valuation metrics. Grantham's comments have added to the overall market jitters, potentially contributing to the sell-off in Ameresco's shares.
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