KeyBanc downgraded Myers Industries (MYE) to Sector Weight from Overweight without a price target following the Q3 report and fiscal 2024 outlook cut. End market weakness in Myers’ legacy roto and blow molding businesses and Distribution continued, while Buckhorn order slowness impacted the Q4 guide, the analyst tells investors in a research note. The firm is “disappointed” to hear management’s “important priority” is improving the Distribution business, which would be the fourth consecutive year of improvement efforts. It does not think this time is different, saying fixing the struggling Distribution business will take more effort and resources.
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Read More on MYE:
- Myers Industries downgraded to Sector Weight from Overweight at KeyBanc
- Myers Industries Reports Q3 2024 Earnings and Outlook
- Myers Industries Reports Q3 2024 Financial Results
- Myers Industries reports Q3 EPS (29c) vs 34c last year
- Myers Industries cut FY24 adjusted EPS view to 92c-$1.02 from $1.05-$1.20
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