Brookfield Business Partners LP (BBU) shares plummeted 5.94% in the pre-market session on Monday after RBC Capital Markets lowered its price target on the stock.
According to analysts polled by FactSet, RBC cut its price target on BBU to $30 from $32 while maintaining an Outperform rating on the stock. The lowered price target likely prompted some investors to sell off their shares, driving the sharp decline in BBU's stock price.
Despite the downgrade, RBC's Outperform rating suggests the firm still has an overall positive view on Brookfield Business Partners' prospects. The average analyst rating on BBU remains a Buy with a mean price target of $31.86, implying potential upside from current levels.
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