Traeger assumed with Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Traeger to Underweight from Equal Weight with a $3 price target after assuming coverage of the name. The company’s visibility on sales and earnings power is low given economic uncertainty and ongoing pull-forward reversion, the analyst tells investors in a research note. When combined with high leverage, Traeger offers one of the worst risk-adjusted returns in the sector, the analyst tells investors in a research note.