Central Garden & Pet price target lowered to $45 from $60 at Truist

Truist analyst Bill Chappell lowered the firm’s price target on Central Garden & Pet to $45 from $60 but keeps a Buy rating on the shares after the company’s negative Q2 pre-announcement due to softer weather trends in the Southeast region. The company could still recover some or all of the shortfall during the remainder of the season, but the preannouncement move is prudent, the analyst tells investors in a research note. Truist adds that while Central Garden & Pet is well positioned in the pet and garden categories, the company also noted that retailers are being cautious with re-orders, similar to what it stated in FY22.