Encore Capital Group (ECPG) stock plummeted 9.09% in pre-market trading on Thursday, underperforming the broader market. The stock's decline came after multiple analysts cut their price targets on the company.
Truist Securities lowered its price target on Encore Capital to $57 from $64, while maintaining a "Buy" rating on the stock. Separately, Citizens JMP slashed its price target to $55 from $65, but kept an "Outperform" rating.
Despite the price target cuts, both analysts maintained positive ratings on Encore Capital, suggesting that the stock may still have upside potential. However, investors appear to be reacting negatively to the lowered expectations, driving the stock lower in pre-market trading.
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