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    GOOS   CA1350861060

CANADA GOOSE HOLDINGS INC.

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Toronto market posts weekly decline as Fed spooks investors

01/07/2022 | 04:38pm EDT

(Adds investor quotes and details throughout; updates prices)

* TSX ends up 12.25 points, or 0.06%, at 21,084.45

* Posts a decline of 0.65% for the week

* Technology falls for 5th straight day, down 1.4%

* Energy climbs 0.9%

TORONTO, Jan 7 (Reuters) - Canada's main stock index closed slightly higher on Friday but was still down for the first week of the year as the potential for faster-than-expected U.S. interest rate hikes weighed on investor sentiment.

The Toronto Stock Exchange's S&P/TSX composite index ended up 12.25 points, or 0.06%, at 21,084.45 on Friday. For the week, it was down 0.65% after the Federal Reserve on Wednesday struck a hawkish note in minutes from its latest meeting.

"The story is still tied to the Fed and rising interest rates coming sooner than expected," said Sadiq Adatia, chief investment officer at BMO Asset Management.

Wall Street extended its weekly decline as investors remained worried about the U.S. interest rate outlook even after a weaker-than-expected December payrolls report.

Domestic data showed the Canadian economy adding twice as many jobs as expected in December, supporting expectations for the Bank of Canada to begin hiking rates in the coming months.

"What you have been seeing is a bit of rotation going on ... the high-flying tech names have been selling off," Adatia said.

Higher interest rates reduce the value to investors of the future cash flows that technology and other high growth sectors are expected to produce.

The Toronto market's technology group fell for a fifth straight session, down 1.4%, but that was offset by gains for the heavily weighted financials group and energy stocks.

Financials ended 0.4% higher, while energy climbed 0.9% as oil held on to much of this week's rally.

U.S. crude prices settled 0.7% lower at $78.90 a barrel on Friday but were up nearly 5% for the week as the market weighed unrest in Kazakhstan and outages in Libya.

Apparel manufacturer Canada Goose Holdings Inc was among the biggest decliners, falling 6.3% after UBS slashed its target price on the stock. (Reporting by Fergal Smith; Additional reporting by Anisha Sircarl Editing by Cynthia Osterman)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.42% 0.71153 Delayed Quote.-2.75%
BRITISH POUND / US DOLLAR (GBP/USD) -0.19% 1.25421 Delayed Quote.-7.59%
CANADA GOOSE HOLDINGS INC. -9.04% 23.64 Delayed Quote.-44.56%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.23% 0.78012 Delayed Quote.-1.40%
EURO / US DOLLAR (EUR/USD) 0.48% 1.07345 Delayed Quote.-7.05%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.09% 0.01291 Delayed Quote.-4.36%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.29% 0.64633 Delayed Quote.-6.09%
S&P 500 -0.81% 3941.48 Real-time Quote.-16.63%
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Analyst Recommendations on CANADA GOOSE HOLDINGS INC.
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Financials
Sales 2023 1 320 M 1 026 M 1 026 M
Net income 2023 178 M 138 M 138 M
Net cash 2023 125 M 97,2 M 97,2 M
P/E ratio 2023 14,3x
Yield 2023 -
Capitalization 2 487 M 1 934 M 1 934 M
EV / Sales 2023 1,79x
EV / Sales 2024 1,40x
Nbr of Employees 4 353
Free-Float 51,0%
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 23,64 CAD
Average target price 37,29 CAD
Spread / Average Target 57,8%
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Managers and Directors
Dani Reiss Chairman & Chief Executive Officer
Carrie Baker President
Jonathan Stuart Sinclair Chief Financial Officer & Executive Vice President
John Moran COO & EVP-Manufacturing and Supply Chain
Stephen K. Gunn Independent Director
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