Foot Locker Stock Slides on Goldman Sachs Downgrade: 4 Major Analyst Cuts
Goldman Sachs Downgrades Foot Locker, Canada Goose, Fortinet, and Graphic Packaging Holding
Investing.com — Here is a recap of the biggest analyst cuts you may have missed since yesterday. Foot Locker, Canada Goose, Fortinet, and Graphic Packaging Holding all experienced downgrades from major Wall Street firms.
Foot Locker Plunges After Goldman Sachs Downgrade
Shares of Foot Locker (NYSE:) plummeted nearly 7% in premarket trading on Thursday following a downgrade by Goldman Sachs. The company was downgraded from Neutral to Sell, with a price target of $18.00. Goldman Sachs has concerns regarding the negative impact of the ongoing repositioning of the Champs Sports brand on Foot Locker’s comparable sales. Additionally, changes in Nike’s allocation and potential downside to the current valuation are factors contributing to the downgrade. CFRA also downgraded Foot Locker to Sell from Hold, with a price target of $15.00.
Shares were trading at $20.42 in premarket.
Canada Goose Hit with Two Downgrades
Canada Goose (NYSE:) saw a significant drop in its share price after being downgraded by two major Wall Street firms. Wells Fargo downgraded the clothing brand from Overweight to Equal Weight, with a lowered price target of C$20 to C$25 per share. The downgrade was due to concerns about a challenging macro backdrop in the U.S. and China, as well as unfavorable weather conditions affecting sales. TD Cowen also downgraded Canada Goose from Outperform to Market Perform, adjusting the price target from $22.00 to $15.00. Both firms cited cautious economic news in China and Europe as reasons for the downgrade.
Shares were dropping 9.6% to $11.50 in premarket.
Fortinet and Graphic Packaging Also Downgraded
Fortinet (NASDAQ:) and Graphic Packaging (NYSE:) experienced downgrades as well. Jefferies downgraded Fortinet from Buy to Hold and lowered the price target from $85.00 to $65.00. OTR Global also downgraded Fortinet from Positive to Mixed. Wells Fargo downgraded Graphic Packaging from Overweight to Underweight and reduced the price target from $26.00 to $19.00.
Shares of Graphic Packaging dropped more than 4% in pre-market trading to $20.53.
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