Carter's Stock Drops After Analyst Lowers Price Target
On October 12, Carter’s Inc. (NYSE: CRI) saw its stock fall by approximately 1% after Wells Fargo analyst Ike Boruchow cut his price target for the company from $42 to $30 per share. Despite this reduction, he maintained a 'hold' or equal weight recommendation on the stock. The move reflects cautious investor sentiment toward Carter’s following mixed financial results earlier in July and missed third-quarter guidance. Carter's second-quarter earnings were positively impacted by an unexpected $132 million payment from the U.S. government related to tariffs, which was later ruled illegal. This one-time boost contributed to a profitability beat but did not offset ongoing concerns about declining annual sales over four of the past five years and thin profit margins. The stock has struggled since August as investors have been trading out of Carter’s due to these factors.
Tickers: $CRI
Topics: analyst downgrade children's clothing retailer stock price