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business14h ago
Kyndryl (KD) Stock Trades Down, Here Is Why
- Kyndryl (KD) stock fell after Morgan Stanley cut its price target and Guggenheim downgraded the stock.
- Morgan Stanley reduced KD's price target to $13 from $28.
- Guggenheim downgraded KD from Buy to Neutral.
- Management departures contributed to the downgrade.
- Kyndryl disclosed material misstatements and weak internal controls.
- The company also disclosed an SEC document request related to cash management.
- KD closed the day at $12.39, down 4.4% from the previous close.
- Market reaction noted as potentially presenting buying opportunities.
- KD has been volatile, with multiple moves of 5% or more this past year.
- The article connects oil price trends to broader market moves affecting KD peers.
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