Leslie’s price target lowered to $3.50 from $4 at Baird

Baird lowered the firm’s price target on Leslie’s (LESL) to $3.50 from $4 and keeps a Neutral rating on the shares. The firm said 4Q capped off another challenging year, with softer gross margin driving a roughly 25% adj-EBITDA shortfall while noting 1Q is an off-season period, and management’s gross margin outlook landed well below expectations.