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Carter’s downgraded to Underweight from Equal Weight at Wells Fargo

Wells Fargo downgraded Carter’s (CRI) to Underweight from Equal Weight with a price target of $25, down from $40. The firm adjusted ratings in retail cut 2026 earnings estimates well below the Street to reflect current tariff headwinds and assumptions for a mild recession. Both headwinds will begin impacting numbers in the second half of 2025, the analyst tells investors in a research note. Wells believes Carter’s has endured a series of setbacks since the pandemic and has failed to comp positive since, exposing how sensitive the company is to pricing. It sees a “riskier setup ahead.”

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