EQT Corp, an energy company, saw its stock price plummet by 5% during Friday's trading session, underperforming the broader market. This downward movement can be attributed to the following reasons:
Firstly, according to the news article, Goldman Sachs has adjusted EQT's price target down from $66 to $62, reflecting a more cautious outlook on the company's prospects. This downward revision in the price target by a prominent investment bank may have contributed to the selling pressure on the stock.
Secondly, the broader market conditions and uncertainty seem to have impacted EQT's stock price. The article mentions that while the OMX Nordic 40 Index rose 1.7%, EQT's shares fell for the third consecutive day, closing 1% lower. This suggests that investors may be taking a more defensive stance amid market volatility, leading to a sell-off in certain stocks like EQT.
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