TD Cowen downgrades Canada Goose on pressured consumer

TD Cowen analyst Oliver Chen downgraded Canada Goose to Market Perform from Outperform with a price target of $15, down from $22. The analyst says share upside is less likely given the pressured consumer. The firm cites cautious economic news in China and Europe as well as a lack visibility into Canada Goose’s margin expansion if sales miss expectations for the downgrade. While the company’s valuation is modest and the stock is trading near 52-week lows, the shares could be range bound given uncertainty surrounding the global economy, including two key major markets for Canada Goose’s near-term growth, mainly U.S. and China, the analyst tells investors in a research note.