Skyline Corporation (SKY) Best Positioned to Capture LT Industry Demand, PT to $80 at Craig-Hallum
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Rating Summary:
2 Buy, 6 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 13 | Down: 10 | New: 10
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Craig-Hallum analyst Greg Palm lowered the price target on Skyline Corporation (NYSE: SKY) to $80.00 (from $111.00) on multiple compression but reiterated a Buy rating after attending MHI Congress & Expo, the largest annual trade show for the manufactured housing industry.
The analyst stated "Our conversations with OEMs, suppliers and retailers suggest demand rates have
remained at elevated levels, with very little change over recent weeks or months. While there is some concern
over inflation and overall consumer spending patterns, the industry isn’t seeing any changes yet." "We see the company as a long-term share gainer and best positioned to fulfill long-term industry demand. In addition, new innovative products provide incremental growth opportunities that could accelerate long-term growth. As a result, we are reiterating our BUY rating and lowering our price target from $111 to $80, which is based on a ~17x P/E multiple on our CY22 EPS estimate of $4.62."
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