UPDATE: Wedbush Raises PT on Pool on Positive Industry Fundamentals
In a report published on Thursday, Wedbush analyst John Garrett raised the price target on Pool (NASDAQ: POOL) from $46 to $51 and maintained a Neutral rating.
In the report, Wedbush stated, 'The company said that its largest, year-round markets were still performing in line with expectations, but that its more seasonal markets had experienced cooler and wetter weather than normal, which delayed pool openings and reduced sales for the year. Guidance for 2013 EPS was reduced by $0.10 to $2.03-$2.13 (from $2.13-$2.23). There was no additional quantification of the shortfall, but the impact was expected to be most pronounced during Q2. Management believed that industry fundamentals remained positive, despite the weather. The company said that the industry continues to improve, with modest recovery of discretionary purchases (apart from its more seasonal markets)."
Pool closed on Thursday at $54.92.
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