Shares of Columbus McKinnon Corporation (CMCO) plunged 8.54% in pre-market trading on Tuesday, following an analyst downgrade by DA Davidson.
DA Davidson cut its rating on CMCO from Buy to Neutral, citing concerns about the company's outlook and growth prospects. The downgrade by the influential research firm weighed on investor sentiment, leading to a sharp sell-off in CMCO's stock price.
The pre-market decline in CMCO shares comes ahead of the company's upcoming earnings report, which is expected to provide more clarity on its financial performance and future guidance.
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