Leggett & Platt downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler analyst Peter Keith downgraded Leggett & Platt to Underweight from Neutral with a price target of $24, down from $31. Normalization of the company’s metal margin is negatively impacting earnings and it is continuing to lose share in the Bedding segment, Keith tells investors in a research note. He believes these two factors will significantly pressure Leggett’s earnings over the next two years.