Yeti Holdings Inc. (YETI) PT Lowered to $40 at Canaccord Genuity

Canaccord Genuity analyst Brian McNamara lowered the price target on Yeti Holdings Inc. (NYSE: YETI) to $40.00 (from $41.00) while maintaining a Hold rating.

The analyst commented: 'In January, we found in Stanley a much bigger foe than we expected that Stanley isn’t going away anytime soon and a more significant competitor than we originally thought, which led us to downgrade YETI stock. Six weeks later, YETI reported weaker-than-expected Q4 results, citing an apparent consumer push-back on cooler pricing. Therefore, we recently surveyed 42 Dick’s Sporting Goods to assess competitive dynamics in drinkware and coolers. We also analyzed recent web traffic trends, utilizing Semrush’s online data analytics software, for YETI and its competitors, as well as visited YETI's newest store that opened this morning in New York City. We modestly lower our top-line estimates as our primary work did not uncover any material incremental benefit from cooler pricing actions and suggests drinkware competition remains fierce. We also lower our price target to $40 (from $41 prior) and reiterate our HOLD rating.'

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