Leggett & Platt price target lowered to $13 from $16 at Truist

Truist analyst Keith Hughes lowered the firm’s price target on Leggett & Platt to $13 from $16 and keeps a Hold rating on the shares. The firm cites the company’s substantially reduced dividend which had been the hallmark of Leggett & Platt for many decades, the analyst tells investors in a research note. The lack of a dividend and a limited sales and profit growth history means the current valuation range could be permanent for Leggett & Platt shares, Truist added.