That was a quick turnaround.
Shares of trendy winter apparel maker Canada Goose Holding Inc. (GOOS) - Get Free Report were up more than 6.6% Friday, nearly gaining back all of the ground it lost in the previous session following a downgrade from Wells Fargo.
The company lost more than 7% Thursday after Wells Fargo lowered Canada Goose's rating to market perform from outperform ans slashed its price target to $68 from $80.
"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 said another reason for its downgraded outlook is that Canada Goose is not popular enough on Google Trends.
"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.