Kontoor Brands, Inc. (KTB) stock plummeted 5.05% in Wednesday's intraday trading session after Barclays lowered its price target on the apparel company.
The investment bank cut its price target on Kontoor from $100 to $93, while maintaining an Overweight rating on the shares. The price target reduction followed Kontoor's fourth-quarter earnings report, which Barclays analysts analyzed.
Despite the lowered price target, Barclays remains optimistic about Kontoor's prospects, citing the company's strong brand portfolio and growth opportunities. However, investors reacted negatively to the news, sending the stock down over 5% in midday trading.
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