Hayward downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research analyst Nigel Coe downgraded Hayward (HAYW) to Peer Perform from Outperform with a $12-$19 fair value range. The firm says increasing risks to U.S. consumer spending and the “deterioration” in housing fundamentals push out its expectations for a recovery in the pool market. While Hayward’s fiscal 2025 estimates look reasonable, the stock’s valuation is “relatively full” creating a balanced risk/reward, the analyst tells investors in a research note. Pressure on the U.S. consumer has “increased significantly” year-to-date, in part because of the “disorderly policy rollout” by the Trump administration, Wolfe contends.