Hayward downgraded to Hold at Jefferies following 40% advance

As previously reported, Jefferies downgraded Hayward to Hold from Buy with a price target of $14, down from $15. The company remains “a solid long-term holding,” but following a 40% stock advance over the last 12 months the firm prefers to focus on companies with solid backlogs and lower consumer exposure given it is looking for weaker consumer spending and underlying pool equipment demand in 2024, the analyst tells investors.