Inchcape stock drops 11.7% after Citigroup cuts target - here's what traders should know
Key Points
- Inchcape plc's stock dropped 11.7% after Citigroup lowered i...
When your stock falls 11.7% in a single day because one analyst tweaked their price target by a mere 60 pence, you know you're dealing with some seriously jumpy investors. That's exactly what happened to Inchcape plc (LON:INCH) on July 31st, when Citigroup's modest target adjustment from GBX 1,161 to GBX 1,101 sent the automotive distributor's shares tumbling to GBX 706.50.
The real kicker? Citigroup still rates the stock a "buy." Apparently, in today's market, even good news comes with a side of disappointment.
When Analysts Can't Agree on Anything
While Citigroup was busy dampening sp...
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