Goldman Sachs downgraded Canada Goose to Sell from Neutral with a price target of $9, down from $11.50. The firm sees a less attractive risk/reward relative to other companies in the brands and apparel sector for Canada Goose, driven by an increasingly competitive category backdrop and signs of normalizing brand momentum and engagement. The firm says the brand faces a slowing global luxury backdrop and a choppy China macro environment. Canada Goose is one of the few brands with a sharp increase in comp growth embedded into its second half of 2024 guidance, which creates more limited room for outperformance, the analyst tells investors in a research note.
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