Traeger downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital analyst Nik Modi downgraded Traeger to Sector Perform from Outperform with a price target of $3, down from $4. The analyst continues to believe in Traeger’s long term opportunity within the broader outdoor cooking space. However, in the medium term, macro dynamics will continue to pressure household penetration and likely create further issues with inventories limiting topline visibility and likely delaying a margin recovery, Modi tells investors in a research note. He cites inventory and demand uncertainties for the downgrade.