Telsey Advisory analyst Joseph Feldman lowered the firm’s price target on Traeger to $4 from $4.50 and keeps an Outperform rating on the shares. The company’s Q1 performance was slightly better than expected, the analyst tells investors. The firm believes the business is now more predictable given that the big headwinds are now behind and the company is seeing benefits from lower supply chain costs. However, there is not much upside to its FY24 guidance due to caution around grill demand and the consumer trading down to lower price points, the firm adds.