Why Investors Hit the Brakes on Polestar Stock Today

No one likes a drastic price target reduction. Although electric vehicle (EV) company Polestar (PSNY -11.68%) has seen notable improvements in its operations lately, Wednesday saw its stock hit with a big sell-off. On the back of a fresh analyst price target cut, the company's shares took a nearly 12% hit to their price, a more precipitous decline than the 0.2% drop of the benchmark S&P 500 index. A 25% chop to the price target The party behind the reduction was Piper Sandler's Alex Potter. Before market op ...