Shares of Canada Goose Holdings (NYSE: GOOS) were down 5% as of 12:57 p.m. ET on Thursday following bearish comments by TD Cowen.

The firm downgraded the stock to market perform with a $15 near-term price target. Analysts see the potential for the stock to be rangebound, given the uncertainty in the economy and soft consumer spending.

In early August, the luxury lifestyle brand reported a 21% year-over-year increase in revenue but higher operating expenses to support growth initiatives. Further, store openings led to a wider operating loss of $99 million, compared to $82 million in the year-ago quarter.

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Source Fool.com