UPDATE: UBS Downgrades Weber Inc. (WEBR) to Sell

UBS analyst Arpine Kocharyan downgraded Weber Inc. (NYSE: WEBR) from Neutral to Sell with a price target of $4.00 (from $8.00).

The analyst comments "We downgrade WEBR to Sell from Neutral with PT of $4 ($8 previously), as we revise EBITDA ests for next year to come in at $173M, below '19 levels, and significantly below Street's $222M. We model sales -0.4% for '23, however, we could see top line declining further: Covid pulled demand forward, and normalizing FY'19A-'23E growth at WEBR’s +2-3% pre-Covid CAGR would suggest meaningful declines. For structural drivers of growth, UBS Evidence Lab data shows slowdown in suburban residential migration (> Access Dataset). We also note significant slowdown in new and existing home sales."

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

Shares of Weber Inc. closed at $6.37 yesterday.

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