Cadre Holdings: A Risky M&A Strategy Worth Betting On
Cadre Holdings earns a Buy rating after a 45% share price decline, supported by record backlog and strong acquisition performance. CDRE's strategy hinges on disciplined M&A in fragmented, mission-critical safety markets, with manageable goodwill levels and robust free cash flow. My 2028 price target is $39, implying 55% upside, though I question the high dividend payout given capital allocation priorities.