Traeger downgraded after rival grill maker rival Weber announces sales warning

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Grill maker Traeger Inc. COOK, -5.50% was downgraded to neutral from outperform at Credit Suisse, with analysts saying that recent news from both Traeger and rival Weber Inc. WEBR, -4.57% “suggest a soft start to the summer selling season and more importantly, dampened consumer sentiment.” Credit Suisse cut Traeger’s price target to $4 from $8. In an 8-K dated July 14, Traeger announced plans for a workforce reduction that will result in pre-tax charges between $6 million and $7 million. On Monday, Weber announced a sales warning. “In the near-term, we think these dynamics persist and that demand following a pandemic-driven replacement/upgrade cycle will be muted,” Credit Suisse said. Weber stock was down 6.3% in Tuesday trading, bringing the total decline for the week so far to 18.2%/ Traeger stock was down 4.6% in Tuesday trading.

This article was originally published by Marketwatch.com. Read the original article here.

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