Traeger Inc. (COOK) PT Raised to $3.75 at Piper Sandler

Piper Sandler analyst Peter Keith raised the price target on Traeger Inc. (NYSE: COOK) to $3.75 (from $3.50) while maintaining a Neutral rating.

The analyst commented, "We maintain our Neutral rating and raise our PT to $3.75 following a solid beat-and-raise Q3. Importantly, COOK saw grill sell-through increase y/y for the second quarter in a row. And EBITDA margin in Q3 expanded >600 bps y/y, primarily driven by gross margin expansion and expense leverage. With grill units industry-wide still -20% below 2019 levels, and interest rates starting to come down, COOK believes the industry has bottomed and is back to growth. Importantly, while COOK has managed down expenses during the last two years, unaided brand awareness has increased nicely. While 2025 now appears set for solid sales growth and margin expansion, the risk of tariffs presents a new overhang on shares."

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