Central Garden drops on 2023 profit forecast cut, brokerages trim PT

Central Garden & Pet

19/04/2023 15:47

** Shares of lawn and pet products supplier Central Garden & Pet Co  CENT.O  fall as much as
10.5% to over six-month low of $35.83
    ** Co cuts 2023 profit forecast ahead of its Q2 earnings, due to cost inflation, weak retail
traffic and as retailers maintain tight inventories
    ** Now expects full-year EPS of $2.35 or better, compared to its prior forecast of $2.60 to
$2.80
    ** Central Garden also sees Q2 EPS of 90 cents, below Wall Street estimates of $1.18/share,
per Refinitiv data
    ** Brokerage JP Morgan cuts price target on CENT to $38 from $60, while Truist Securities
trims to $45 from $60
    ** CENT is set to report its Q2 earnings on May 3
    ** Shares last down 8.3% at $36.70
    ** Stock has fallen 1.8% so far in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))