Loop Capital lowered the firm’s price target on Leslie’s to $3 from $6 and keeps a Hold rating on the shares after its negative Q3 pre-announcement. The company mainly blamed poor weather as well as continued softness in big ticket sales, though the magnitude of the guide down for both the quarter and for the full year was much steeper than anticipated, the analyst tells investors in a research note. Visibility into a return to more normal growth remains limited given the still-soft underlying fundamentals, the firm added.
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