Stock Track | PRA Group Plummets 9.86% Pre-Market as Truist Securities Slashes Target Price

Stock Track11-04

PRA Group Inc (PRAA) shares plunged 9.86% in pre-market trading on Tuesday, reflecting a significant downturn for the debt collection company. The sharp decline comes as investors react to recent analyst actions that have dampened the stock's outlook.

The primary catalyst for this substantial drop appears to be Truist Securities' decision to cut its target price for PRA Group. The financial services firm lowered its price target from $33 to $26, representing a significant reduction in their valuation of the company. This downgrade suggests that Truist Securities has become more pessimistic about PRA Group's future performance, which has likely prompted many investors to reassess their positions, leading to the sell-off observed in pre-market trading.

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