Analysts on Wall Street Lower Ratings for These 5 Stocks

03. SiteOne Landscape Supply, Inc. (NYSE:SITE)

Price Reaction after the Downgrade: -0.64 (-0.39%)

On December 19, Stifel analyst W. Andrew Carter downgraded SiteOne Landscape Supply, Inc. (NYSE:SITE) from Buy to Hold within the landscaping and garden supplies industry. SiteOne Landscape Supply, Inc. (NYSE:SITE) is a major distributor of landscape supplies and related products. The downgrade was accompanied by a revised price target of $167.00, increased from $150.00. Despite the increased price target, the market response was a slight negative price reaction, as indicated by a -0.64 (-0.39%) decrease. This modest reaction could be interpreted in various ways, such as investors viewing the downgrade as less favorable than anticipated or other factors influencing the stock’s performance on that day. The Hold rating implies that Stifel sees SiteOne Landscape Supply, Inc. (NYSE:SITE) performance as aligning more closely with the overall market expectations, and the increased price target could suggest some level of positive outlook despite the change in the analyst’s rating.

Alger Weatherbie Specialized Growth Fund made the following comment about SiteOne Landscape Supply, Inc. (NYSE:SITE) in its Q2 2023 investor letter:

“SiteOne Landscape Supply, Inc. (NYSE:SITE) is a wholesale distributor of landscaping products operating in the United States and Canada. The company offers a wide array of approximately 120.000 stock keeping units (SKUS), featuring irrigation supplies, fertilizers, control products, landscape accessories, nursery goods, and outdoor lighting. They also supply hardscape materials like pavers, natural stones, and blocks, as well as ice melt products. During the period, the company reported strong fiscal first quarter results. Despite unprecedented rain in the western region causing a near-term headwind, quarterly revenues came in above consensus estimates driven by strength in the southern region.”