Traeger surges after Q2 beat, forecast hike
03/08/2023 14:28
** Traeger Inc's COOK.N shares up 33.5% premarket to
$5.50, highest since May 2022, after wood pellet grill maker's
qtrly report tops expectations
** Co late Weds reported Q2 rev of $171.5 mln, down 14%
yr/yr due to lower avg sales prices and decreased volumes, but
above Refinitiv estimate of ~$155 mln
** Adj EBITDA of $21.5 mln also beat Street view of $13.5
mln
** Co now expects FY23 rev of $585-$600 mln (up from
$560-$590 mln prior) and adj EBITDA of $55-$59 mln (up from
$45-$55 mln prior)
** Jefferies increases PT to $4 from $3.25
** "While it appears performance has reached a bottom, we
believe the road to recovery will be a gradual one," Jefferies
writes in note
** At least 5 other brokerages hike their PTs; BMO goes to
$7 from $5, and Canaccord goes to $7 from $6
** Avg rating among 10 analysts is "hold"; median PT is $5 -
Refinitiv
** Through Weds close, stock up 46% YTD
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))