B.Riley Downgrades Traeger Inc. (COOK) to Neutral

B.Riley analyst Anna Glaessgen downgraded Traeger Inc. (NYSE: COOK) from Buy to Neutral with a price target of $1.50 (from $3.00).

The analyst comments: "Grill sales (>50% of total) re-inflected negatively in 2Q (-22% Y/Y), with declines expected to persist through at least 4Q25, as the benefit from price-takes in response to tariffs is more than offset by the resulting deleterious impact to volume. This is in addition to persisting weakness in Accessories (>20% of sales), with double-digit declines expected for at least 6 consecutive quarters (3Q24-4Q25E), by our estimate. Though we're encouraged by margin initiatives to help offset the tariff headwind, with Phase I of Project Gravity expected to generate ~$30M in annualized run-rate savings by YE26, we believe investors will need to see evidence of sustained top-line recovery for shares to meaningfully break out beyond multi-year ~$2-3 avg. trading range, especially considering the debt load (approaching 6x TTM EBITDA as of 2QE, net). Though we risk downgrading at the trough, with the '26 retail selling season representing the key potential upside driver over the medium-term, in our view, we see limited catalysts to underpin a positive stance over the next ~6 months."

For an analyst ratings summary and ratings history on Traeger Inc. click here. For more ratings news on Traeger Inc. click here.

Shares of Traeger Inc. closed at $1.38 yesterday.

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