Canaccord starts Lifetime Brands with a Buy, sees share gains to continue

As previously reported, Canaccord analyst Brian McNamara initiated coverage of Lifetime Brands with a Buy rating and $12 price target. Lifetime sells branded kitchenware, tableware and housewares under several "widely recognized" owned and licensed brand names including Farberware, KitchenAid, and Taylor and is the number one player in North American non-electric housewares. The company was "indisputably a pandemic beneficiary" and Canaccord believes "the pendulum has swung too far in the other direction" and that a difficult Q1 "has been well telegraphed. After that, it expects growth to resume and for the company to continue to gain share both organically and inorganically, the analyst tells investors.