Traeger eyes best day ever on better-than-expected Q4 results
17/03/2023 15:43
(Updates)
** Shares of outdoor grill maker Traeger Inc COOK.N rise
as much as 27.2% to $3.83
** Stock last up 23.6%, and is set for its best day ever
** Company forecasts 2023 gross margin between 36% and 37%,
vs analysts' est. of 36.48%, on lower inbound freight costs -
Refinitiv
** Traeger's Q4 revenue beats est.; reports
smaller-than-expected loss, helped by higher average selling
price
** But COOK expects annual revenue below analysts' est.,
indicating uncertain demand and higher inventory levels
** Brokerage Jefferies cuts PT on COOK to $3.25 from $4;
says retailers grappling with higher costs continue to destock
grills as they anticipate lower consumer demand
** Two of 10 brokerages rate stock "buy" or higher, 8
"hold"; median PT is $3.38 - Refinitiv
** Stock has fallen over 62% in the past 12 months
(Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))