Traeger downgraded to Market Perform from Outperform at Telsey Advisory

Telsey Advisory downgraded Traeger (COOK) to Market Perform from Outperform with a price target of $2.50, down from $4. The firm expects the company’s performance trends to remain challenged in 2025. Traeger “provided soft, disappointing” 2025 guidance calling for flat sales at the midpoint, the analyst tells investors in a research note. Telsey says near-term consumer cautiousness in spending on discretionary, big-ticket items remains, given elevated interest rates and substantial accumulated inflation. Further, Traeger’s guidance does not incorporate the impact of tariffs under the Trump administration, which could be “significantly negative” as 50% of its sales come from products sourced from China, adds the firm.