Pool equipment suppliers plunge as Stifel moves to sidelines

Hayward Holdings

06/02/2023 15:35

** Shares of swimming pool equipment suppliers fall in early
trading after Stifel cuts ratings for both Hayward Holdings Inc
 HAYW.N  and Pool Corp  POOL.O  to "hold" from "buy"
    ** Hayward down 5.7%, while Pool falls 4.3%
    ** Stifel says it has been surprised at YTD outperformance
of cos; notes valuations for both Hayward and Pool have been met
and it will be difficult to sustain current valuations amid
softer near-term fundamentals and cautious industry outlook for
the year 
    ** "We are reducing our U.S. pool category outlook taking a
more cautious view of the category's prospects in 2023" - Stifel
    ** Brokerage raises Hayward PT to $13 from $11, POOL to $360
from $355 
    ** HAYW has surged over 41% since the beginning of the year,
while POOL has added nearly 28%
 (Reporting by Shreyashi Sanyal)
 ((Shreyashi.Sanyal@thomsonreuters.com;))