Traeger Inc. (COOK) PT Raised to $6 at Canaccord Genuity

Canaccord Genuity analyst Brian McNamara raised the price target on Traeger Inc. (NYSE: COOK) to $6.00 (from $5.00) while maintaining a Buy rating.

The analyst commented: "We concluded that associates were mostly neutral regarding grill sales, Traeger appears to have effectively used promotions to outperform as the brand was top of mind for the majority of associates we surveyed. To be clear, we are not concerned about this promotional activity, as the company found lower price points are effectively expanding its TAM, driving COOK’s Q2 beat & raise results, while gross margins have remained strong. We modestly increase our estimates for COOK, reiterating our BUY rating and raising our price target to $6, while leaving MIDD estimates unchanged."

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