Patrick Industries (PATK) PT Raised to $126 at Truist Despite 'Recreation Headwinds'

Truist Securities analyst Michael Swartz raised the price target on Patrick Industries (NASDAQ: PATK) to $126.00 (from $114.00) while maintaining a Buy rating.

The analyst commented: "A continued strong execution story even in the face of recreation headwinds; Our 2025E Adj. EBITDA projection holds at $461M and Adj. EPS projection goes to $4.33 from $4.27. Our 2026E Adj. EBITDA projection goes to $505M from $515M and Adj. EPS projection goes to $5.39 from $5.45. We introduce our 2027E Adj. EBITDA projection of $544M and Adj. EPS of $6.07. Our PT of $126 (up from $114) is based on a 10.0x multiple on our 2027E EBITDA (formerly 2026). We view PATK as one of the highest-quality names in our coverage driven by straightforward execution despite macro softness in the RV and marine end markets."

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