Shares of G-III Apparel Group (GIII) plunged 5.06% in pre-market trading on Tuesday, following a bearish analyst action from Barclays. The significant drop comes as investors react to the maintained negative outlook and reduced price target for the apparel company's stock.

Barclays, a major financial institution, reaffirmed its Underweight rating on G-III Apparel, signaling continued pessimism about the company's prospects. Adding to the downward pressure, Barclays also cut its target price for GIII from $29 to $25, representing a substantial 13.8% reduction in their valuation of the stock.

The combination of the maintained Underweight rating and the lowered price target appears to have sparked a sell-off among investors, leading to the sharp decline in G-III Apparel's stock price. As the market digests this new analyst perspective, it remains to be seen how the company will respond to rebuild investor confidence in the face of these headwinds.