Canaccord Genuity analyst Brian McNamara maintained a Buy rating on Traeger (COOK – Research Report) yesterday and set a price target of $5.00.
Brian McNamara has given his Buy rating due to a combination of factors that highlight Traeger’s potential for growth and innovation. The recent launch of the Woodridge series, described as a significant advancement in flavor technology, marks a pivotal moment for the company, suggesting a promising future after several challenging years. The anticipation of a new griddle line, possibly named Wasatch, further underscores Traeger’s commitment to product innovation, which could attract consumers who are cautious with their spending.
Additionally, the company’s strategic direction under CEO Jeremy Andrus, who brings a wealth of experience from his previous roles, is seen as a positive influence on Traeger’s trajectory. The potential for a replacement cycle tailwind in 2025, coupled with the company’s ability to expand beyond wood pellet grills, as demonstrated by the Flatrock griddle, supports the optimistic outlook. These elements collectively contribute to McNamara’s confidence in Traeger’s capacity to achieve growth and justify the Buy rating.
According to TipRanks, McNamara is an analyst with an average return of -3.9% and a 45.02% success rate. McNamara covers the Consumer Cyclical sector, focusing on stocks such as SharkNinja, Inc., Rollins, and Traeger.