Loop Capital upgrades Leslie’s to Buy, sees FY23 better than expected

Loop Capital analyst Garik Shmois upgraded Leslie’s to Buy from Hold with an unchanged price target of $16 as part of a broader research note. The firm’s latest pool survey indicated an FY23 outlook that was better than expected, and with the stock down 33% since recent highs in early February, the pullback offers a good buying opportunity, the analyst tells investors in a research note. Loop Capital adds that Leslie’s valuation implies meaningful downside to estimates from current levels, even though the company is expected to reiterate its guidance.