Pool Corp. price target lowered to $290 from $338 at BofA

BofA analyst Shaun Calnan lowered the firm’s price target on Pool Corp. to $290 from $338 and keeps an Underperform rating on the shares after the company updated Q2 EPS guidance to about 16% below the Street view and management cut the 2024 EPS guidance range after experiencing weaker than previously expected in season demand, primarily driven by lower new pool construction and remodel activity. The firm lowered its own 2024 and 2025 EPS estimates by 14% and 16%, respectively, to reflect lower topline estimates and sees risk to Pool’s 30% gross margin target given the lower volume and product mix pressure, the analyst tells investors.