Why YETI Holdings Shares Are Nosediving

YETI Holdings Inc YETI shares are trading lower by 8.43% to $41.40 after Cowen downgraded the stock from Outperform to Market Perform and announced a $47 price target.

What Else?

YETI shares may also be falling during Wednesday's session in sympathy with the broader market after U.S. retail sales slumped in December. Inflation and rising interest rates continue to weigh on U.S. economic growth.

On Wednesday, the Commerce Department reported U.S. retail sales dropped 1.1% on a monthly basis in December to $677.1 billion, missing economist estimates of a 0.8% decline.

The Commerce Department also revised its November monthly retail sales growth estimate lower...Read More

According to data from Benzinga Pro, YETI has a 52-week high of $71.33 and a 52-week low of $27.86.