Traeger price target lowered to $4.50 from $5 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Traeger (COOK) to $4.50 from $5 and keeps an Outperform rating on the shares. Although underlying demand for the category remains soft in the current consumer environment, Telsey expects solid profit growth in 2024, the analyst tells investors. This expectation is based on supply and demand levels for the company now match; it has fully lapped the negative impact of the introduction of a rival pellet offering at Costco (COST); it successfully removed significant cost; and a reversal of freight rates generating cost savings, the firm adds.