Opendoor Technologies Inc (OPEN) stock plummeted 7.44% during Tuesday's trading session, following multiple analysts lowering their price targets on the company due to concerns over its elevated cash burn and weakening capital position.
Keefe Bruyette slashed its price target on OPEN to $1.55 from $1.90, citing the company's still elevated cash burn and deteriorating capital position as reasons for its cautious stance. The firm maintained a Market Perform rating on the shares.
Similarly, UBS also adjusted its price target on Opendoor Technologies down to $1.20 from $2.00, while keeping a Neutral rating on the stock. The adjustments by analysts reflect growing skepticism around Opendoor's ability to achieve profitability in the near term, given the challenging housing market conditions.
According to analysts polled by FactSet, Opendoor Technologies currently has an average rating of "hold" and a mean price target of $1.47, suggesting limited upside potential for the stock in the current environment.
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