Traeger price target lowered to $2.50 from $3.50 at Baird

Baird lowered the firm’s price target on Traeger to $2.50 from $3.50 and keeps a Neutral rating on the shares. The firm said the company is executing well in the face of a still-challenging industry backdrop noting its balance sheet/channel inventory are in good shape and expect to generate positive FCF in 2024 however, the timing of an inflection in demand remains unclear.