Winnebago Industries (WGO) saw its stock plummet by 5.96% in pre-market trading on Friday, as investors reacted to a significant downgrade from investment firm Baird. The recreational vehicle manufacturer's shares came under pressure after Baird lowered its rating on Winnebago from Outperform to Neutral and substantially reduced its price target.

Baird analysts adjusted their price target for Winnebago from $50 to $38, representing a 24% cut. This downgrade appears to have sparked a sell-off among investors, leading to the sharp pre-market decline. The new price target suggests limited upside potential for the stock, which may have contributed to the negative sentiment surrounding Winnebago shares.

Despite the downgrade from Baird, it's worth noting that the overall analyst consensus on Winnebago remains relatively positive. According to FactSet data, the average rating for the company is still "overweight," with a mean price target of $48.73. This indicates that while Baird has taken a more cautious stance, other analysts maintain a more optimistic outlook on Winnebago's prospects. Investors will likely be watching closely to see if other firms follow Baird's lead or maintain their more bullish positions on the RV maker as the market digests this new information.