Opendoor Technologies Inc (OPEN) stock plunged 5.79% in pre-market trading on Tuesday. This pre-market decline follows Keefe Bruyette lowering its price target on the company's shares.
Keefe Bruyette reduced its price target on OPEN to $1.55 from $1.90, citing concerns over the company's elevated cash burn and weakening capital position. The firm maintained a Market Perform rating on the stock.
The analyst note highlights the challenges facing Opendoor in the current housing market environment, with uncertainty around its path to profitability weighing on investor sentiment.
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