Cerebras Stock Slides as TD Cowen Cuts Target Below IPO Price

Cerebras Systems (NASDAQ: CBRS) shares fell 3.46% to $116.48 in premarket trading Tuesday, extending losses one day after TD Cowen sharply cut its price target for the artificial intelligence chipmaker while maintaining a Buy rating. TD Cowen lowered its 12-month target to $175 from $275 in a research note issued before Monday’s market open. The $100 reduction represents a 36.4% cut. The revised target is $34 below the $209 minimum recorded in an October 5 analyst survey compiled by S&P Global Market Intelligence, although it remains approximately 50% above Tuesday’s premarket share price. TD Cowen was among the bookrunners for Cerebras’ May initial public offering , which was priced at $185 per share. Its latest target is $10 below that offering price.

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