Leggett & Platt hits over 2-yr low after FY forecast cut

Leggett & Platt

11/10/2022 15:30

** Shares of diversified manufacturer Leggett & Platt Inc
 LEG.N  hit their lowest since May 2020 after tumbling as much
as 12.7% to $30.28
    ** Maker of home furniture and automotive products cuts its
full-year sales and profit forecasts on macro challenges, lower
demand and higher inventory  urn:newsml:reuters.com:*:nL4N31B2K6
    ** Midpoints of new forecasts fall below analysts' average
estimates as per Refinitiv data
    ** At least two brokerages cut PTs - Piper Sandler
("neutral") to $31 from $37, Truist Securities ("hold") to $35
from $41
    ** "Weak volume necessitating production cuts seems the
primary problem at LEG" - Truist
    ** Stock down 15.7% YTD through last close
 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))