Kingsoft Cloud Holdings Ltd (KC) stock plummeted 5.08% in pre-market trading on Monday, underperforming the broader market.
The sharp decline came after Nomura downgraded the company's stock from Buy to Neutral, despite raising its price target to $18.10 from $6.70. The downgrade reflects concerns about the company's growth prospects and competitive position in the cloud computing market.
However, the average analyst rating for KC remains Overweight, with a mean price target of $15.21, suggesting potential upside from current levels. Investors will be closely watching the company's upcoming earnings report and guidance for further insights into its performance and outlook.
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