Traeger Downgraded at RBC Capital, Shares Down 7%
<p>RBC Capital analysts downgraded <a href='https://financialmodelingprep.com/financial-summary/COOK'>Traeger, Inc. (NYSE:COOK)</a> to Sector Perform from Outperform and lowered its price target to $3 from $4. As a result, shares closed more than 7% lower on Tuesday. </p>
<p>Although the analysts are still optimistic about Traeger's potential in the outdoor cooking industry due to its technology, innovation, and customer loyalty, they believe that in the short-term, macroeconomic factors will likely decrease the brand's household penetration and cause problems with inventory management, which may affect its revenue and delay the margin recovery.</p>
<p>The analysts lowered their fiscal 2023 net sales outlook to $661 million from $667 million and adjusted EBITDA to $45 million. The analysts are now modeling greater topline pressure in the first half of the year and lower margins as it will take time to work through higher-cost inventory.</p>

NYSE:COOK