Pool Corp. price target lowered to $305 from $370 at Loop Capital

Loop Capital lowered the firm’s price target on Pool Corp. to $305 from $370 and keeps a Hold rating on the shares. The firm cites the company’s negative Q2 pre-announcement and FY24 guidance cut as new pool construction and remodel activity is coming in well below prior expectations, the analyst tells investors in a research note. The guidance also serves as a negative read through to other big ticket R&R categories more broadly, indicating that the pull forward of demand during the pandemic along with higher interest rates and affordability concerns are more severe than previously anticipated, the firm added.