Shares of Pool Corp. sank 5.7% in morning trading Tuesday, enough to pace the S&P 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.” Pool’s stock has tumbled 16.4% amid three-day losing streak, and is headed for the lowest close since March 31, 2021. It has plunged 38.5% year to date, while the S&P 500 has shed 21.5%.
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