Trendy winter wear company Canada Goose Holdings Inc. (GOOS) - Get Report   lost 7.3% in trading on Thursday to close at $46.05 after analysts at Wells Fargo downgraded to stock to market perform from outperform on valuation concerns.

"While we remain confident on the trajectory of the GOOS brand and the fundamental story that has developed since their IPO in 2017, we feel the risk/reward today is not as compelling as it once was (when shares were cheaper and upside to numbers seemed easier to come by)," said analyst Ike Bochurow on Thursday.. 

The firm also said it believes that the fact that Canada Goose is not as popular on Google Trends as a reason for its downgraded outlook. 

"We do view the fundamental story here as quite compelling (GOOS remains one of the strongest multi-year growth stories under coverage), we simply feel that valuation is going to become more relevant as the brand matures, the branded space remains choppy and certainly if brand 'heat' begins to cool off a bit," Bochurow said. 

Wells Fargo lowered Canada Goose's price target to $68 from $80, which still represents a 37% upside from the stock's previous closing price.