Shares of Winnebago Industries (WGO) plunged 5.96% in pre-market trading on Friday, as investors reacted to a significant downgrade from investment firm Baird. The recreational vehicle manufacturer's stock came under heavy selling pressure following the change in analyst sentiment, marking a notable shift in the company's market perception.

Baird, a prominent financial services firm, lowered its rating on Winnebago from Outperform to Neutral, signaling a less optimistic outlook for the company. Moreover, Baird substantially reduced its price target for WGO from $50 to $38, representing a 24% cut. This considerable reduction in the price target suggests growing concerns about Winnebago's near-term growth prospects or potential headwinds in the RV industry.

Despite the Baird downgrade triggering the sharp sell-off, 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. This indicates that while Baird has adopted a more cautious stance, other analysts maintain a more optimistic view of Winnebago's future. Investors will likely be watching closely to see if other firms follow Baird's lead or maintain their bullish positions on the RV manufacturer in the coming days.