William Blair analyst Phillip Blee resumed coverage of Traeger with a Market Perform rating and no price target. The company’s sales are expected to remain pressured through the first half of 2023, with the firm’s current estimates assuming a nearly 30% decline on continued destocking pressures, the analyst tells investors in a research note. While management’s outlook for 2023 assumes a return to growth in the second half, there is limited visibility into the scale of the planned inflection on the continued headwinds in higher-ticket discretionary purchases, which could be particularly impactful to the company’s sales given Traeger’s premium pricing, says Blair.
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