(Bloomberg) -- Wall Street is warming up to Canada Goose Holdings Inc.
Shares of the Toronto-based coat retailer rose 10 percent to $63.85 at 3:46 p.m. in New York, its biggest gain since June 15, after D.A. Davidson initiated coverage with a buy rating. The stock has more than doubled this year and more than two thirds of the analysts covering the company recommend buying shares.
The newest of the bulls, D.A. Davidson's John Morris, said in a note to clients that Canada Goose could reach more than $1.5 billion in revenue in five years as it increases its global footprint across the U.S., Europe and Asia. That's up from the roughly $588 million in sales that analysts expect to see for the fiscal year ending in March, according to data compiled by Bloomberg.
“The company will begin pulling multiple levers to accelerate results over the next couple of years,” Morris said in a note to clients. He sees Canada Goose “becoming a more 3-season company through expansion into lighter-weight jackets, sweaters, base layers, and accessories.”
To contact the reporter on this story: Shelly Hagan in New York at shagan9@bloomberg.net
To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Catherine Larkin
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