In a report released yesterday, Brian McNamara from Canaccord Genuity maintained a Buy rating on Yeti Holdings (YETI – Research Report), with a price target of $58.00.
Brian McNamara has assigned a Buy rating to Yeti Holdings based on a variety of factors. A key element driving his recommendation is the reintroduction of Yeti’s Hopper Soft Coolers, which contributed to their sales growth in Q4. The company’s execution to bring back the full product line ahead of the holiday season, a crucial period for retail businesses, reflects positively on its operational efficiency. Furthermore, Yeti’s ability to innovate and improve existing products as exemplified by the new M30 cooler, shows a commitment to quality and customer satisfaction.
The second paragraph of the report supports the Buy rating with evidence of a strong and loyal consumer base, which remained supportive even after a product recall earlier in the year. The analysts’ research showed that the recall did not have a detrimental impact on the rest of the business, with store associate responses being quite positive about customer purchases of Yeti products. In addition, McNamara pointed out that Yeti’s web traffic growth has traditionally understated its DTC sales growth, indicating potential for further upward movement. Lastly, the expected increase in web traffic due to the reintroduction of the soft cooler product lineup is anticipated to boost sales in Q4, further solidifying the Buy rating.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $57.00 price target.
YETI’s price has also changed moderately for the past six months – from $40.080 to $44.230, which is a 10.35% increase.
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Yeti Holdings (YETI) Company Description:
YETI Holdings, Inc. engages in the design, marketing, and distribution of products for the outdoor and recreation market. Its products include coolers, drinkware, travel bags, backpacks, multipurpose buckets, outdoor chairs, blankets, dog bowls, apparel, and accessories. The company was founded by Roy J. Seiders and Ryan R. Seiders in 2006 and is headquartered in Austin, TX.
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