- Morgan Stanley analyst John Glass lowered the price target on Traeger Inc (NYSE:COOK) to $10 from $26 and maintained an Equal Weight rating on the shares. The revised price target implies a 31.23% upside.
- Glass noted grill demand appears to be softening post-COVID to a greater extent than previously expected.
- Traeger's shares are down over 50% from the IPO price, mirroring lowered market expectations.
- BMO Capital analyst Simeon Siegel lowered the price target to $16 (110% upside) from $23 but kept an Outperform rating on the shares.
- Siegel said the company came up with conservative guidance, weighing heavily on shares.
- Telsey Advisory Group analyst Joseph Feldman lowered the firm's price target to $14 (84% upside) from $20 while maintaining an Outperform rating on the shares.
- Stifel analyst Jim Duffy downgraded Traeger from Buy to Hold and reduced the price target to $7.5 ( 1.3% downside) from $26.
- Piper Sandler analyst Peter Keith lowered the price target to $10 (31% upside) from $17 and maintained Overweight on the shares.
- Jefferies analyst Randal Konik downgraded the company to Hold from Buy and gave a price target of $7 (8% downside).
- Traeger's FY22 revenue outlook of $800 million - $850 million is shy of the consensus of $955.91 million.
- Price Action: COOK shares are trading lower by 13.4% at $7.62 on the last check Thursday.
