Traeger rises after better-than-expected Q4 results
17/03/2023 13:02
** Shares of outdoor grill maker Traeger Inc COOK.N up
5.3% at $3.17 premarket
** Company's Q4 revenue beats estimates; reports
smaller-than-expected loss, helped by higher average selling
price
** But COOK forecasts annual revenue below Wall Street
estimates, 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
** Up to Thursday's close, stock has fallen 66.6% in the
past 12 months
(Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))