UBS analysts see trouble ahead for the fashion and retail space in 2022 largely due to inflation, driving downgrades of Kohl’s Corp., Abercrombie & Fitch Inc. and Canada Goose Holdings Inc.
Kohl’s KSS, -1.67% was moved to sell from neutral and its price target cut to $38 from $66. Shares were down 1.6% in Friday trading.
Abercrombie & Fitch ANF, -3.26% was downgraded to neutral from buy and its price target cut to $37 from $68. Abercrombie & Fitch shares fell 3.8% on Friday.
And Canada Goose GOOS, -5.70% was also moved to neutral from buy with its price target reduced to $35 from $59. Shares sank 5.4% on Friday.
“We’re bearish on the group overall, mainly due to inflation,” UBS wrote in its softlines report with earnings expected to grow 1%…