Oppenheimer analyst Mitchel Penn raised the firm’s price target on Compass Diversified to $23 from $21 and keeps an Outperform rating on the shares. The firm notes that in Q4, Compass Diversified earned $2.18/share equating to an ROE of 51.0% as it realized a $179.5M gain on the sale of Marucci offset by a $57.8M impairment on PrimaLoft. For 2023, Compass earned $2.46 for an ROE of 14.4%. Oppenheimer estimates the company will earn 65c/share and $1.14/share in 2024 and 2025, respectively, for an ROE of 3.7% and 6.6%.
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