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Yeti Holdings Inc (NYSE:YETI) is off to a remarkable start in 2019 with shares up 115 percent year to date, but good news may now be priced.
The Analyst
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Morgan Stanley analyst Kimberly Greenberger on Friday downgraded Yeti from Overweight to Equal-Weight and raised her price target from $26 to $32.
The Thesis
Greenberger remains constructive on Yeti’s long-term outlook but now sees a more balanced rick-reward scenario. The analyst says she looks to re-upgrade the stock on a pullback.
“The stock has significantly outperformed YTD, driven by significant multiple expansion and slightly better than expected financial performance and now sits 77% above where it IPO'd last October,” Greenberger wrote in a note.
At $32, the stock appears to be pricing in five-plus years of mid-teens revenue growth, and while the analyst sees this as a feasible outcome, the market is already pricing in a majority of Yeti’s potential EBIT margin upside.
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Greenberger says two areas where she could be wrong lie in customization and lower tariffs.
Later on in the year, the company is set to combine its main website with YETIcustomshiop.com, to create a stronger customer experience with customize products.
Price Action
Yeti's stock was down 5.14 percent Friday, closing at $30.25 per share.
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Photo by Tony Webster/Wikimedia.
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.