Pool Corp. downgraded to Hold from Buy at Stifel

Stifel analyst W. Andrew Carter downgraded Pool Corp. to Hold from Buy with a price target of $360, up from $355. The stock’s outperformance has pushed the shares to a level fully appreciating Pool Corp.’s "unmatched position of strength" for capitalizing on the pool category’s "advantaged growth prospects," the analyst tells investors in a research note. The firm believes the company "will proceed cautiously" with its 2023 guidance given the uncertainty of the current environment. Pool’s initial guidance will reflect some favorability on costs, but it is likely to reflect continued investment and labor inflation, Stifel contends.