Shares of Veren Inc. (VRN) plummeted by 5.04% on Thursday, November 1st, after Scotiabank lowered its price target on the stock from C$12 to C$11. Despite the price target reduction, the bank maintained an Outperform rating on VRN shares.

The downward revision in the price target is likely to have dampened investor sentiment, causing Veren's stock price to drop sharply. Analysts' price targets are closely watched by investors, as they reflect the expected upside or downside potential in a stock based on various financial metrics and market conditions.

While Scotiabank maintained its Outperform rating, suggesting it still sees potential upside in Veren's shares, the lower price target could signal concerns about the company's near-term prospects or potential headwinds in its industry or market. Investors will be closely monitoring Veren's performance and any further analyst updates to gauge the stock's future trajectory.