Leggett & Platt price target lowered to $11 from $13 at Truist

Truist analyst Keith Hughes lowered the firm’s price target on Leggett & Platt to $11 from $13 but keeps a Buy rating on the shares as part of a broader research note after attending trade shows for the Residential Flooring and Mattress industries. Both sectors were the first to see a downturn as evidenced by this show 3 years ago, but the firm’s meetings reflected a turn in business to positive in the November-January timeframe, with both putting up positive months, the analyst tells investors in a research note. The early cycle nature of these products could foretell an industry rebound in all remodel areas eventually, the firm added, noting that it is raising its FY25 EPS view on Leggett to $2.95 from $2.89.