Canada Goose Tumbles Most in 11 Months After Downgrade on Value
(Bloomberg) -- Canada Goose Holdings Inc. had its biggest drop in almost a year after Wells Fargo cut its rating on the stock to market perform, citing a less compelling valuation and a slowdown in popularity on the web.
Analyst Ike Boruchow said in a note to clients Thursday that Google searches and Instagram engagement for Canada Goose slowed over the holiday season. He also sees global brand valuations facing pressure from risks in China, a slowdown in Europe, foreign currency headwinds and sluggish tourism.
Shares of Canada Goose tumbled 8.9 percent at 1:21 p.m. in New York, after earlier sliding as much as 11 percent, their biggest drop since February 2018. Trading volume was more than twice the three-month daily average. The retailer is expected to report fiscal third-quarter results in early February.
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