TreeHouse downgraded to Hold from Buy at Truist

Truist downgraded TreeHouse to Hold from Buy with a price target of $35, down from $45. The firm is lowering its estimates following the company’s “disappointing” 2024 guidance provided on Friday, stating that after several large divestitures and a major simplification of the business that it had hoped that 2024 “would have finally been the year in which the company could show operational consistency.” Unfortunately, Friday’s announcement and guidance for 2024 that calls for earnings to be even more backend weighted than normal, meaning investors may need to wait for a year before they have full confidence in the forecast, “felt like the same old TreeHouse,” the analyst tells investors in a research note.