Analyst Brian McNamara of Canaccord Genuity maintained a Buy rating on Traeger, retaining the price target of $3.00.
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Brian McNamara has given his Buy rating due to a combination of factors that highlight Traeger’s strong market presence and potential for growth. The recent Labor Day weekend sales checks showed that Traeger remains a top choice among consumers, with significant mindshare captured despite the competitive landscape. The survey conducted across 50 Home Depot locations indicated an improvement in grill sales compared to the previous year, with Traeger being one of the most frequently mentioned brands by associates.
Furthermore, despite the challenges posed by tariff pressures, Traeger has managed to maintain higher price points for its grills, reflecting its strong brand value. The company’s ability to effectively use promotions and capture consumer interest even in a challenging market environment supports the positive outlook. These factors, along with the modestly better survey results, have led to a raised estimate for Traeger’s performance, reinforcing the Buy rating.