Why TuSimple Holdings Stock Tripped and Fell on Wednesday
An analyst's price-target cut on TuSimple Holdings (NASDAQ: TSP) stock was the catalyst for its price tumbling by nearly 7% on Wednesday. That was a far steeper decline than was recorded by the S&P 500 index, which fell a relatively benign 0.2% on the day.
The cutter in question was Ken Hoexter of Bank of America Securities. Before market open, he published a new research note in which he took a machete to his TuSimple price target.
The prognosticator now feels the stock is worth only $1 per share, well down from his former level of $2.50. He also reiterated his underperform (read:sell) recommendation. Hoexter's move comes on the heels of the autonomous trucking solutions developer's announcement that a once-promising joint development deal has been canceled.
Source Fool.com
