Mercer International Drops 1.11% as Analysts Lower Targets

Mercer International Inc. (MERC) shares fell 1.11% today, marking the second consecutive day of decline, with a total drop of 4.89% over the past two days. The stock price hit its lowest level since September 2010, experiencing an intraday decline of 3.76%.

On April 25th, both Royal Bank of Canada and CIBC lowered their price targets for Mercer International. Royal Bank of Canada reduced its target from $7.00 to $5.00, maintaining a "sector perform" rating. Meanwhile, CIBC decreased its target from $7.00 to $6.00 and set a "neutral" rating. These adjustments in price targets and ratings are likely influencing the stock's performance.

Additionally, Mercer International was highlighted as a promising green energy stock to watch on April 23rd. This recognition could potentially boost investor sentiment and impact the company's stock performance positively. However, the recent downward revisions in price targets by major financial institutions may be counteracting this positive sentiment, leading to the current decline in stock price.