Kontoor Brands price target lowered to $50 from $56 at BNPP (earlier)

BNPP earlier today lowered the firm’s price target on Kontoor Brands (KTB) to $50 from $56 and kept an Underperform rating on the shares. The stock in midday trading is down 9%, or $6.49, to $67.68. Kontoor ‘s acquired Helly Hansen unit “may not be all it’s cracked up to be,” the analyst told investors in a research note. BNP is surprised by Helly Hansen CEO Carrie Ask’s departure in August and firm believes Kontoor paid a premium multiple for a brand that isn’t growing.