Pool Corp. price target lowered to $356 from $416 at Oppenheimer

Oppenheimer lowered the firm’s price target on Pool Corp. to $356 from $416 and keeps an Outperform rating on the shares. Pool preliminarily announced Q2 revenue is expected to be below prior expectations, with the shortfall driven by “lower new pool construction and remodel activity,” the analyst tells investors in a research note. It has become increasingly clear that 2023 won’t be Pool’s trough year, with 2024 having the potential, particularly if interest rates decline in coming quarters, the firm says.