Analyst Actions: Canada Goose Shares Rise 22% on Q3 Beat, Price Target Raised to $68 at RBC
08:03 AM EST, 02/05/2021 (MT Newswires) -- Canada Goose Holdings Inc. (GOOS.TO) shares rose 22% on Thursday after its third quarter revenue beat analysts' expectations.
The winter clothing manufacturer's return to growth - despite COVID-19 headlines - led RBC Capital Markets to increase its price target on the stock to $68 from $47.
Analyst Kate Fitzsimons said Canada Goose is well positioned to exceed its pre-COVID revenues into fiscal 2022, and emerge further along in its lifestyle brand and channel evolution.
"Considering the improvements in the important holiday quarter, we were impressed all in at the 3Q performance," Fitzsimons said in a note to clients.
"...We named Canada Goose as one of our top 2021 ideas and expect the better holiday results, despite COVID-headwinds, can dispel some disbelief around brand heat as we look towards FY22 and beyond," the analyst said.
She maintained an Outperform rating on the stock.
The stock rose $10.05, or 22.4%, to $54.95 on the Toronto Stock Exchange Thursday.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 54.95, Change: +10.05, Percent Change: +22.38