Traeger slips as brokerages cut PT as retailers destock excess inventory

Traeger

10/11/2022 17:57

** Shares of cooking systems maker Traeger Inc.  COOK.N 
trade ~3% lower at $3.60
    ** Brokerages cut PT on COOK as retailers destock its excess
inventory 
    ** Credit Suisse cuts PT to $3.15 from $4; maintains
'neutral' rating 
    ** Says its grill sales are below pre-pandemic levels and
expectations for 2023 are low
    ** "Despite two new promotion windows, retailers are still
holding more units than desired and low visibility is leading to
destocking" - CS 
    ** TAG cuts PT to $3.50 from $4; maintains "market perform"
rating 
    ** Says inventory destocking has caused two-thirds decline
in sales over Q3 
    ** Adds Costco's Kirkland private line of pellets are
displacing Traeger's 
    ** COOK on Wednesday reported a wider-than-expected adj.
loss of 21 cents per share vs loss of 20 cents per share per
Wall St estimate - Refinitiv IBES  urn:newsml:reuters.com:*:nTUA4Z5KH9
    ** YTD, stock down ~70% including session moves
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))