Shares of Blend Labs, Inc. (BLND) plummeted 11.54% in the pre-market trading session on Friday, following a price target cut by UBS analysts.
UBS reduced its price target for Blend Labs from $4 to $3.50, maintaining a Neutral rating on the stock. This downward revision in the price target appears to have triggered a significant sell-off in the company's shares, as investors reacted cautiously to the news.
Despite the broader analyst consensus of an "Overweight" rating and a mean price target of $5.37, according to FactSet data, UBS's price target cut seems to have weighed heavily on investor sentiment, leading to the substantial pre-market decline.
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