Truist analyst Keith Hughes lowered the firm’s price target on Leggett & Platt to $18 from $24 and keeps a Hold rating on the shares after its Q4 earnings miss and below-consensus guidance. The company is well under-earning its dividend rate and several substantial growth years will be needed to return to its current level, the analyst tells investors in a research note. Leggett & Platt can still fund the dividend, but the share price reaction is driven by fears it could be cut in the future, the firm added.
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Read More on LEG:
- Leggett & Platt Provides Essential Financial Health Update
- LEGGETT & PLATT REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
- Leggett & Platt sees FY24 adjusted EPS $1.05-$1.35, consensus $1.36
- Leggett & Platt reports Q4 adjusted EPS 26c, consensus 27c
- Leggett & Platt options imply 3.9% move in share price post-earnings
