Traeger downgraded after rival grill maker Weber issued a sales warning

Grill maker Traeger Inc.
to cook,

Downgraded to neutral from outperform at Credit Suisse, as analysts said the latest news from both Trigger and rival Weber Inc.

“Offered a soft start to the summer selling season and more importantly, moderated consumer sentiment.” Credit Suisse lowered its price target on Trigger to $4 from $8. In a July 14 8-K, Traeger announced plans to reduce its workforce that would result in pretax charges of between $6 million and $7 million. On Monday, Bar announced a Sale warning. “In the near term, we think this dynamic continues and that demand following a pandemic-driven replacement/upgrade cycle will be muted,” Credit Suisse said. Weber shares fell 6.3% in Tuesday trading, bringing the total decline this week to 18.2%/Traeger shares fell 4.6% in Tuesday trading.

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