Shares of Canada Goose Holdings (GOOS) took a nosedive in Monday's pre-market trading, plummeting 7.77% following a downgrade from Barclays. The investment bank lowered its rating on the luxury outerwear maker from Equal Weight to Underweight, sparking a significant sell-off among investors.
The downgrade was accompanied by a substantial reduction in Barclays' price target for Canada Goose stock. While there are conflicting reports on the exact figure, with some sources citing a new target of CA$11.45 and others mentioning $8, both represent a considerable cut from previous valuations. This bearish stance from Barclays has raised concerns about Canada Goose's near-term prospects in the competitive luxury retail sector.
Analysts at Barclays cited several factors contributing to their downgrade, including global macro pressures, increasing competitive pressure, and potential impact from tariff exposure. This pessimistic outlook aligns with the broader analyst consensus, as FactSet reports an average rating of Underweight for Canada Goose, with a mean price target of $11.51. The sharp stock decline reflects growing investor uncertainty about the company's ability to navigate challenges in the luxury goods market amidst changing consumer preferences and economic pressures.
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