COOK - Traeger: Navigating Through The Tariff Wars

2025-07-08 08:20:44 ET

Shares of barbecue grill manufacturer Traeger, Inc. ( COOK ) rallied 26% after news hit the tape that the U.S. and China agreed to trade talks, with the latter responsible for 80% of its manufacturing. That said, even before the upheaval related to domestic tariff policy, the company was projected to deliver essentially four consecutive years of ~$600 million sales, FY23-FY26. With an ambiguous restructuring announced in May and gross margin improving due to declining cost of goods (before tariffs), the recent CEO buying in this busted IPO merited a deeper dive. An analysis follows below....

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