Hayward Holdings falls as Jefferies downgrades on weaker demand

Hayward Holdings

11/01/2024 15:28

(Updates)
    ** Shares of pool equipment supplier Hayward Holdings
 HAYW.N  down as much as 5.3% to near one-month low of $12.39
        ** Stock set for its worst day since Oct. 2023, if
losses hold
  
    ** Brokerage Jefferies downgrades stock to "hold" from
"buy", cuts PT to $14 from $15   
    ** It expects consumer demand to remain weaker for pool
equipment in 2024
    ** Adds, co to be impacted from limited restocking by
distributors given softer market outlook
    ** Says international markets to stay "depressed" and under
pressure owing to high-interest rates
    ** Expects negative impact from inflationary costs, higher
electronic shipments in 2023 and SG&A spending to affect margins
in 2024
    ** Three of nine brokerages rate the stock "buy" or
"higher", five "hold" and one "sell"; their median PT is $14
    ** Stock rose nearly 45% in 2023

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com;))