KeyBanc analyst Matthew Mishan downgraded Invacare to Sector Weight from Overweight post Q2. The analyst believes its turnaround is not progressing as quickly as he hoped and rather than seeing some acceleration toward long-term targets, Mishan is again resetting his expectations lower. While stable with some positives, there are still headwinds constraining broader sales momentum, the analyst notes, adding that he is surprised there has not been more upside to margins given both restructuring activity and mix shift.
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