Dr. Martens (LON: DOCS) shares tumbled Monday morning after analysts at one investment bank downgraded the stock.

Barclays lowered its rating for DOCS to Equal Weight from Overweight in a note to clients, cutting the price target to 140p from 175p per share.

One of the reasons the firm told investors it is downgrading the iconic footwear brand and retailer is due to weak Google trends.

In addition, they noted the company’s large second half of the year weighting due to macroeconomic risks as well as the increased capital intensity via store growth.

DR Martens shares are down more than 4% at the time of writing, trading at approximately 113.6p per share. So far in 2023, the stock is down more than 41%, while it has declined over 50% in the last 12 months.

By James Fyeman