** Barclays cuts Spanish pool and wellness equipment maker Fluidra FLUI.MC to "equal-weight" from "overweight", citing near-term pressure from destocking in the U.S., its largest market

** The broker says Pool Corp POOL.O, Fluidra's largest U.S. distributor and accounting for about 60% of its U.S. sales, has reported record-high levels of inventory, raising destocking concerns

** Barclays sees scope for a meaningful like-for-like decline in Fluidra's U.S. sales over the next two to three quarters, which could provide a better entry point

** The broker expects 2026 EBITDA margins to be just under 23%, below the guidance of 23.3-24.3%, with the mid-term 25%+ margin target reached by 2030

** Out of 16 analysts that cover Fluidra, 12 rate the stock "strong buy" or "buy"​ and four rate "hold" - LSEG data