Small-Cap Snapshot: Canada Goose shares slump after Wells Fargo downgrades stylish winter coat maker

Sallie Mae, Teradyne and Wave Life Sciences are also seeing trading action

Canada Goose jacket
Wells Fargo downgraded Canada Goose to Market Perform and slashed its price target to C$68

Shares of Canada Goose Holdings Inc (NYSE:GOOS) are slumping Thursday after Wells Fargo analyst Ike Boruchow downgraded the maker of stylish winter coats to Market Perform from Outperform and pared his price target on shares to C$68 from C$80. In a note shared by business news site TheFly, Boruchow suggests that the risk/reward surrounding the trendy company is not as compelling as it once was. The analyst also points out that space for multi-national brands has become more challenging in recent months. But on an optimistic note, Boruchow does say he remains confident in the trajectory of the GOOS brand and the fundamental story that has developed since the company’s IPO in 2017.

Canada Goose shares traded about 9% lower to C$59.79 in Toronto and US$45.18 in New York.

Student loan company SLM Corp, known as Sallie Mae, (NASDAQ:SLM) is having a good day after reporting adjusted fourth-quarter earnings of $0.31 per share, which came in ahead of Wall Street’s estimate of $0.27 per share. The Newark, Delaware-based company reported adjusted revenue of $382.9 million, which also beat the Street’s projection of $373.5 million. For the full year, the company posted profit of $487.5 million and sales of $1.41 billion. The company is the biggest originator of federally insured student loans in the US.

Sallie Mae shares rose 12.1% to $10.64.

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Teradyne Inc (NASDAQ:TER) also pushed higher after the automated testing equipment provider for industrial applications reported fourth-quarter earnings that handily beat Wall Street estimates on strong revenue. For the quarter ended December 2018, Teradyne reported earnings of $0.63 per share on revenue of $519.6 million. The consensus earnings estimate was $0.50 per share on revenue of $495.4 million. Teradyne is a component of the ROBO Global Robotics & Automation Index, the world’s first benchmark index to track companies that focus on robotics, automation and artificial intelligence.

Teradyne shares added 13% to $36.10.

Elsewhere, Wave Life Sciences Ltd (NASDAQ:WVE) dropped sharply after the genetic medicines company unveiled the details of its $150 million secondary offering, which will provide 3.95 million shares at a price of $38 per share.  All of the shares are being sold by Wave Life Sciences and the company has offered underwriters a 30-day option to purchase up to an additional 592,500 of its shares on the same terms. The offering is set to close on or around January 28. With its US headquarters in Cambridge, Massachusetts, Wave Life focuses on delivering therapies to patients with serious, genetically-defined diseases.

Wave Life shares shed 10.7% to $37.23.

Contact Ellen Kelleher at [email protected]


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