Hayward price target lowered to $15 from $16.50 at Stifel

Stifel analyst W. Andrew Carter lowered the firm’s price target on Hayward to $15 from $16.50 and keeps a Buy rating on the shares ahead of calendar Q3 earnings due this week. The firm’s lower target is predicated on lower prevailing multiples, the analyst tells investors. The firm believes the 2023 performance has showcased resilience with pricing, productivity, and cost savings offsetting what it believes to be “a full normalization of category volumes from the COVID-era,” the analyst added.