Foot Locker stock sliding on Goldman downgrade: 4 big analyst cuts
Investing.com -- Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Foot Locker, Canada Goose, Fortinet , and Graphic Packaging Holding.
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Foot Locker shares plunge after Goldman Sachs downgrade
Foot Locker (NYSE:FL) shares plunged nearly 7% premarket Thursday after Goldman Sachs downgraded the company to Sell from Neutral with a price target of $18.00.
The firm is concerned that the ongoing repositioning of the Champs Sports brand will continue to negatively impact Foot Locker's comparable sales, that market share is facing challenges in stabilizing due to changes in Nike 's (NYSE:NKE) allocation, and that there is potential for downside to the current valuation.
This closely follows a Foot Locker downgrade at CFRA, which also cut its rating to Sell (from Hold) with a price target of $15.00.
Shares were trading hands at $20.42 in the premarket.
Canada Goose hit with 2 downgrades
Canada Goose (NYSE:GOOS) shares took a long fall after the company was cut by two major Wall Street firms on Wednesday, as reported in real time on InvestingPro.
Wells Fargo, for one, downgraded the clothing brand to Equal Weight from Overweight, with its price target lowered to C$20 to C$25 per share ($1 = C$1.37). The analysts cited a tough developing macro backdrop in the U.S. and China, as well as an "unfavorable weather backdrop creating a weak seasonal setup in both [North America] and Europe."
And TD Cowen shifted its rating to Market Perform from Outperform, adjusting the price target from $22.00 to $15.00, noting that they are watching "cautious economic news in China & Europe and lack visibility into margin expansion if sales miss expectations."
The company is set to report its Q2 earnings results on November 1.
Shares were dropping 9.6% to $11.50 premarket.
2 more downgrades
Fortinet (NASDAQ:FTNT) shares ticked lower premarket Thursday after Jefferies downgraded the company to Hold from Buy and cut its price target to $65.00 from $85.00. The company was also slashed on Wednesday by another firm, OTR Global, to Mixed from Positive.
Wells Fargo downgraded Graphic Packaging (NYSE:GPK) to Underweight from Overweight and cut its price target to $19.00 from $26.00. Shares dropped more than 4% pre-market to $20.53.
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