.July 19, 2024 09:50:00 AM

Loop Capital analysts have reduced Leslie’s (NASDAQ:LESL) price target to $3 from $6, maintaining a Hold rating. The company issued a negative pre-announcement for Q3 2024, citing poor weather and soft R&R sales. Shares dropped over 30% as a result. Pool Corporation had also pre-announced negative results recently, indicating ongoing challenges in the industry. Leslie’s fourth-quarter guidance implies continued sales softness and limited gross margin recovery. Visibility into normal growth remains limited due to pandemic effects, and the company faces high leverage.