Crypto Whales Are Loading Up — Are You?
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One analyst is overwhelmingly bullish on YETI Holdings, Inc. (NYSE:YETI)'s future prospects.
The Analyst
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Jefferies analyst Randal Konik reiterated a Buy rating and raised his price target from $35 to $40.
The Thesis
After conducting an analysis of search trends and store checks, the Yeti brand is becoming increasingly sought after, Konik said.
“YETI is gaining traction in new colorways, cooler demand is strengthening, shelf space at DKS is growing, and e-comm conversion is improving,” Konik wrote in a note.
The analyst raised 2020 EPS estimates and said the company is in the early stages of global growth and shares will continue to move higher.
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Jefferies sees significant opportunity for Yeti to expand its total addressable market, as it broadens its exposure to non-heritage markets in the United States over the long term and grows international penetration from 2 percent today to 7 percent by 2020.
“With continuous innovation in new and existing product categories, and a quickly growing margin enhancing DTC channel, we believe top-line and margin opportunities are significant,” Konik added.
The analyst also said coolers are showing positive momentum and Yeti.com is seeing an increasing share of visits to both its hard and soft cooler domain pages.
Price Action
Yeti's stock traded higher during a down day for the market Friday. Shares traded around $28.89 Friday afternoon.
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Photo credit: Zachary Collier, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.