Investing.com - Shares of down jacket maker Canada Goose swooped lower midday following an analyst downgrade that said the stock is overvalued.
Canada Goose fell 10% after Wells Fargo (NYSE:WFC) cut its rating to market perform from outperform and its price target to $68 from $80.
The stock is currently trading around $45.
"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," Well Fargo analyst Ike Bochurow wrote, according to Seeking Alpha.
Overall, the sector was higher, with the S&P 500 Consumer Discretionary index rising 0.05%.
Ford Motor (NYSE:F) helped the index, rising 3.2% after it reported results in line with its own recent guidance.
And toy maker Mattel (NASDAQ:MAT) also helped, gaining 4%.