KeyBanc keeps Overweight on Hayward, trims target to $16 on lower estimates

KeyBanc lowered the firm’s price target on Hayward to $16 from $17 on lower estimates, while keeping an Overweight rating on the shares. Following the company’s Q3 earnings, while the firm thinks investors initially took issue with negative pricing and balanced commentary on early-buy, KeyBanc believes its positive thesis remains intact given the one-time nature of the pricing adjustment and channel dynamics mostly in line with expectations. Looking out, the firm continues to view the backdrop into 2024 as compelling.