Lufax (LU) shares plummeted 5.17% during intraday trading on Friday, following a key analyst action from JPMorgan.
The financial services company's stock decline came after JPMorgan adjusted its stance on the stock. While the bank upgraded Lufax to Neutral from Underweight, it simultaneously reduced its price target to $2.00 from $2.20.
The market appears to have focused on the downward revision to the price target, which suggests a more conservative outlook on the company's valuation, leading to the significant sell-off during the trading session.
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