(Bloomberg) -- Tailored Brands Inc. plunged as much as 26 percent Thursday to $8.70, the lowest intraday in more than 10 years, after the parent of Men’s Wearhouse and Jos. A Bank issued a horrendous forecast Wednesday evening, prompting Jefferies analyst Randal Konik to ask, “How could we be so wrong?”

“Let’s begin with our call has been terrible here,” Konik wrote in a note. “The business is challenged and is getting worse, visibility seems very low and mgmt seems to be questioning the execution of some of its strategies.”

The stock will “remain in the penalty box" until management can show some stabilization in the business, so the analyst reduced his price target to $19 per share from $24. That said, Konik maintained his rating at buy, calling the shares “cheap,” and believes Tailored Brands is moving toward sustainable improvement. Still, “confidence is shaken, for sure,” he acknowledged.

B.Riley FBR analyst Susan Anderson is less optimistic. The slowdown in comparable-store sales, the weak first-quarter earnings forecast and the “lack of visibility on full-year expectations and when SSS will stabilize leads us to step to the sidelines.” The company guided to earnings per share in the first quarter of 10 cents to 15 cents compared to Anderson’s estimate of 54 cents.

She downgraded the stock neutral from buy, and slashed her price target to $11 from $20.

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