Why Ralph Lauren Stock Dropped 12% Today
Ralph Lauren (NYSE: RL) stock fell harder than the market on Monday, dropping 12% by 3:30 p.m. ET compared to a 2.7% slump in the S&P 500. That move put the stock below the broader market's 11% loss so far in 2022.
Investors sold off shares in response to increasing pessimism about the retailer's short-term prospects due to its exposure to the European market.
An analyst at Wedbush downgraded Ralph Lauren's stock and lowered the firm's price target to $127 per share from $150 per share. The downgrade was due to the company's reliance on sales growth in Europe, which may weaken because of geopolitical strife .
Source Fool.com
