Leggett & Platt price target lowered to $18 from $21 at Piper Sandler

Piper Sandler lowered the firm’s price target on Leggett & Platt to $18 from $21 and keeps an Underweight rating on the shares following a Q3 miss and guide down. All in, Piper’s negative thesis on Leggett & Platt remains intact as it still expects 2024 to be another down year in EPS due to both the Residential end-market backdrop and further normalization in the company’s elevated metal margin.