These Analysts Cut Their Forecasts On Latham Group After Q4 Results
Portfolio Pulse from Avi Kapoor
Latham Group, Inc. (NASDAQ:SWIM) reported Q4 sales of $90.867 million, surpassing estimates, and a net income of $0.1 million, a significant improvement from a year-ago net loss of $19.0 million. Despite these positive results, the company's FY24 revenue forecast of $490 million to $520 million falls short of analysts' expectations of $546.746 million. Following this, Barclays and B of A Securities cut their price targets on SWIM, with B of A Securities also downgrading the stock from Buy to Underperform. SWIM shares dropped 0.6% to close at $3.28.
March 13, 2024 | 1:18 pm
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Latham Group reported higher Q4 sales but provided a lower FY24 revenue forecast than expected, resulting in price target cuts and a stock downgrade.
The positive Q4 results are overshadowed by a lower than expected FY24 revenue forecast, leading to negative analyst actions (price target cuts and a downgrade). These factors are likely to exert downward pressure on SWIM's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100