Raspberry Pi Holdings PLC (LSE:RPI) shares were squished 6% lower on Tuesday, the largest percentage loser on the FTSE 250 index.
It followed a downgrade from analysts at HSBC, which moved its rating on the tech company's stock to 'reduce' from 'buy', though it increased its target price to 500p from 440p.
The 'Santa rally' in the UK tech name was overdone, the analysts said, following the solid progress shown in both commercial and technology since listing last year, which saw the shares outperform most global semiconductor names.
But the analysts said they "struggle to see catalysts that could drive the share price meaningfully higher in the near term".
"While we like the long-term story for Raspberry Pi we think the Goldilocks scenario is asking too much."