BUZZ-Canada Goose drops after Wells Fargo downgrades stock on weak China demand

** U.S.-listed shares of red parka maker Canada Goose GOOS.N down 4.4% at $11.33 before the bell

** Wells Fargo downgrades stock to "underweight" from "equal weight" and cuts price target to C$12 from C$16

** Brokerage says Canada Goose's over exposure in China mainly as part of its direct-to-consumer expansion puts it in a difficult spot with stimulus taking some time to flow through consumer spending

** Adds GOOS also continues to battle high inventory levels pushing it to discount more

** GOOS faces decreased demand from its core high-margin heavy wear products and is in the midst of shift towards lighter wear - Wells Fargo

** Two of 11 brokerages rate the stock "buy" or higher, seven "hold" and two "sell"; median PT is C$16

** Up to Friday's close, stock is flat so far this year

(Reporting by Ananya Mariam Rajesh in Bengaluru)

((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))