Berenberg Bank upgraded Leslie's, Inc. (NASDAQ:LESL) to buy from hold and increased its price target on the company’s shares to $30 from $28, as it believes the recent pullback in the company’s stock price since early May presents a strong buying opportunity.

According to the analysts at Berenberg Bank, margin pressures and a recently announced secondary offering boosted the investors’ concerns, but they think industry tailwinds and the positive effect of the company’s growth strategies will allow it to strongly take advantage of industry tailwinds. While they previously rated the company a Hold as they were having difficulties to find valuation upside, they now think the shares offer an attractive entry point.