Baird analyst Peter Benedict raised his price target on Yeti stock to $100 from $87.
DreamstimeYeti Holdings will report first-quarter earnings this week, but Baird argues that the cooler maker’s stock is a buy before the report.
Analyst Peter Benedict reiterated an Overweight rating on Yeti (ticker: YETI) while raising his price target to $100 from $87, citing “signs of continued robust demand,” even has the stock’s outperformance has boosted expectations ahead of the results.
For the first quarter, he now expects that Yeti will earn an adjusted 24 cents a share, ahead of the consensus estimate for 21 cents, on 30% sale growth, also above the average 25% estimate.
Benedict notes ongoing momentum from the fourth quarter—when sales expanded 24% year over year, on top of 23% growth in the prior-year period—and a relatively easy comparison with the first quarter of 2020, as sales slumped last March before picking up again. In addition, internet-search trends have been moving higher for Yeti, a positive sign as shoppers look to spend their stimulus checks.
His recent consumer survey was also positive for Yeti. “Big picture, we continue to see pockets of opportunity for Yeti to drive brand awareness (particularly in the high value Northeast and West regions).” and he believes the company has “a strong foundation upon which to launch future product innovation.”
Along those lines, Benedict writes that Yeti’s core product portfolio has increased by about 12% since the end of last year, bolstered by its collection of everyday bags—which taps into a market worth as much as $10 billion in the U.S.
Yeti stock is up 2.3% to $91.87 in recent trading. The shares have gained more than 31% year to date, and are up 230% in the latest 12 months. Other analysts have also been upbeat about the stock’s prospects.
Write to Teresa Rivas at teresa.rivas@barrons.com
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Yeti Stock Has Surged, and There's 'Continued Robust Demand' - Barron's
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