Goldman Sachs Downgrades Hayward Holdings Inc (HAYW) to Neutral
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Goldman Sachs analyst Brian Lee downgraded Hayward Holdings Inc (NYSE: HAYW) from Buy to Neutral with a price target of $13.00 (from $20.00).
The analyst comments "Following a mixed 2Q22 report and FY2022 guidance that was meaningfully lowered owing to concerns on residential pool demand and a stronger than expected channel inventory correction dynamic, we downgrade shares of HAYW to Neutral (from Buy) with a revised $13, 12-month target (vs. $20 prior). Though we remain constructive on HAYW's high exposure to aftermarket sales and the company's demonstrated ability to maintain industry leading gross margins, we have less certainty on the company's near to medium term growth trajectory and see the potential for further risk to volumes given a backdrop of economic uncertainty affecting consumer spending."
Shares of Hayward Holdings Inc closed at $11.21 yesterday.
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