Yeti Holdings Inc. (YETI) PT Raised to $91 at Piper Sandler on Strength Persisting Beyond 2021
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Piper Sandler analyst Peter Keith raised the price target on Yeti Holdings Inc. (NYSE: YETI) to $91.00 (from $75.00) ahead of Q4 earnings on Feb 11th. The PT increase is based on 38x 2022E EPS, rather than the prior 2021.
The analyst reiterated an Overweight rating, stating "While a strong Q4 appears to be expected (we are raising estimates), we see a solid outlook for 2021 and beyond, as we see multiple drivers for continued double-digit sales growth. Outdoor Retailers/Suppliers we speak with are calling for solid growth in Outdoor-related sales in 2021, and YETI should have company-specific drivers with an elevated level of new product launches, continued rollout to large Wholesale accounts, and repeat buying from a strong 2020 new customer cohort. We see slight margin expansion for the full year as DTC and Wholesale growth are likely more balanced. Valuation in the high-30s on a NTM P/E basis continues to look reasonable to us, as YETI continues to cultivate a premium brand with a premium growth profile."
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