Shares of LegalZoom.com, Inc (LZ) took a significant hit in pre-market trading on November 8, 2024, plunging by 6.94%. This sharp decline appears to be driven by negative reactions from analysts following the company's Q3 earnings report.
JPMorgan analyst Ella Smith downgraded LZ stock to Underweight from Neutral, setting a price target of $8. In her report, Smith expressed concerns about LegalZoom's business performance in the third quarter, which likely contributed to the downgrade.
Additionally, Barclays analyst Trevor Young maintained a Hold rating on LZ but lowered the price target to $7.00, indicating a more cautious outlook for the company's prospects. While Young did not change the rating, the reduced price target could have further weighed on investor sentiment.
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