Shares of Winnebago Industries (WGO) tumbled 5.69% in pre-market trading on Friday, following a significant downgrade from Baird. The recreational vehicle manufacturer's stock price decline comes as investors react to the change in analyst sentiment.
Baird, a prominent financial services firm, lowered its rating on Winnebago from Outperform to Neutral, signaling a less optimistic outlook for the company. Additionally, Baird adjusted its price target for WGO, reducing it from $50 to $38. This substantial reduction in the price target suggests concerns about Winnebago's near-term growth prospects or potential headwinds in the RV industry.
Despite this downgrade, it's worth noting that the overall analyst sentiment on Winnebago remains somewhat positive. According to FactSet data, the average rating for WGO stock is still "overweight," with a mean price target of $48.73. However, investors appear to be focusing on the Baird downgrade, leading to the significant pre-market sell-off.
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