The share price of Canada Goose Holdings (GOOS) has fallen to an all-time low after a pair of analysts downgraded the stock.
The Toronto-based parka maker’s stock declined more than 4% to $12.16 U.S. per share after analysts at both Wells Fargo (WFC) and TD Cowen downgraded the stock to “hold,” citing a weak economic outlook for the company’s key markets, notably China.
TD Cowen lowered its price target on Canada Goose’s stock to $15 U.S. from $22 U.S. previously. Wells Fargo dropped its target price on the stock to $20 U.S. from $25 U.S.
Both investment firms singled out a slowing economy in China as an issue that is likely to negatively impact Canada Goose’s financial results moving forward.
In August, Canada Goose reported a net loss of $85 million for what was its fiscal 2024 first quarter.
The stock of Canada Goose has declined 31% this year and is down 74% over five years.
