Pool Corp. stock sinks to pace SP 500 losers; FTC approves order settling charges of ''anticompetitive tactics''
Shares of Pool Corp. sank 5.7% in morning trading Tuesday, enough to pace the SP 500''s decliners, and to put them on track to close at a 16-month low. Analyst Stephen Volkmann at Jefferies reiterated his hold rating on the swimming pool supplies company but cut his stock price target to $400 from $485, with his new target now the lowest of the 11 analysts surveyed by FactSet. Volkmann wrote in a note to clients that he cut his target "to better account for the expected moderation in new pool builds industry participants are projecting once current backlogs are depleted." Separately, the Federal Trade Commission said Monday that it approved the final order settling charges alleging Pool used "threats and coercion" to stop manufacturers from selling pool products to the company''s competitors. The final FTC order requires Pool to stop engaging in "anticompetitive tactics." Pool''s stock has tumbled 16.4% amid three-day losing streak, and is headed for the lowest close since March 31, 2021.
Pool Corp. stock sinks to pace SP 500 losers; FTC approves order settling charges of ''anticompetitive tactics''
Shares of Pool Corp. sank 5.7% in morning trading Tuesday, enough to pace the SP 500''s decliners, and to put them on track to close at a 16-month low. Analyst Stephen Volkmann at Jefferies reiterated his hold rating on the swimming pool supplies company but cut his stock price target to $400 from $485, with his new target now the lowest of the 11 analysts surveyed by FactSet. Volkmann wrote in a note to clients that he cut his target "to better account for the expected moderation in new pool builds industry participants are projecting once current backlogs are depleted." Separately, the Federal Trade Commission said Monday that it approved the final order settling charges alleging Pool used "threats and coercion" to stop manufacturers from selling pool products to the company''s competitors. The final FTC order requires Pool to stop engaging in "anticompetitive tactics." Pool''s stock has tumbled 16.4% amid three-day losing streak, and is headed for the lowest close since March 31, 2021.