Pool Corp falls on lowering FY24 profit forecast

Pool

25/06/2024 13:25

** Swimming pool products distributor Pool Corp's  POOL.O 
shares fall 12.1% to $297.20 in premarket trade
    ** Company lowers FY24 EPS forecast to $11.04 to $11.44 from
previous range of $13.19 to $14.19 on persistently weak demand
for new pool construction and remodel activity
    ** Sees Q2 EPS in range of $4.85 to $4.95, citing lower
sales 
    ** Wells Fargo says POOL's revision is a "downbeat
surprise", indicating persistent slowdown in 2HFY24; trims PT to
$290 from $360
    ** Jefferies says revised forecast assumes no
re-acceleration in 2HFY24, long term targets could be delayed to
2026 from 2025; cuts PT to $300 from $355
    ** BofA Global Research and Stephens also cut their PTs on
the stock following downward forecast revision 
    ** Five brokerages rate stock "buy" or higher, seven "hold"
and one "sell"; their median PT at $360 - LSEG data 
    ** Stock down about 15% YTD, till last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))