Jefferies analyst Saree Boroditsky last night upgraded Hayward to Buy from Hold with a price target of $15, up from $9.50. The shares were down 64% in 2022 and now represent an attractive opportunity to buy a "high-quality business that is trading at a trough multiple on trough earnings," Boroditsky tells investors in a research note. The analyst says pool equipment sales face "significant headwinds" in 2023, but that investors should look through this to Hayward’s long-term earnings power. While she sees negative earnings revisions in the near term, Boroditsky thinks the company’s long-term earnings power supports a higher valuation.
Published first on TheFly
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