Patrick Industries (PATK) PT Raised to $155 at BMO Capital

BMO Capital analyst Tristan Thomas-Martin raised the price target on Patrick Industries (NASDAQ: PATK) to $155.00 (from $150.00) while maintaining an Outperform rating.

The analyst commented, "PATK's 3Q24 results came in a little below expectations, as industry wholesale and content headwinds weighed on results. Those same headwinds are expected to pressure 4Q24 results, but management remains confident a retail/wholesale inflection will occur in 2025. Management's 2025 industry guideposts seem realistic, and outsized operating margin expansion provides an offset to 2024's operating margin declining y/y. Looking further out, we like the recent RecPro acquisition and think it could provide significant upside by granting PATK increased access to the RV aftermarket."

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