Shares of Tempus AI (TEM) plunged 5.15% in pre-market trading on Wednesday. The AI healthcare solutions provider's stock declined after William Blair downgraded the company from Outperform to Market Perform, citing valuation concerns.
According to the analysts at William Blair, the downgrade was prompted by the stock's lofty valuation levels, which they believe have become stretched relative to the company's near-term growth prospects. However, the firm did not provide a specific price target for Tempus AI.
Despite the downgrade, Tempus AI maintains an average analyst rating of Overweight and a mean price target of $58.60, according to data from FactSet. The market will closely monitor the company's upcoming earnings release and guidance to assess the validity of the valuation concerns raised by William Blair.
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