BMO Capital analyst Tristan M. Thomas-Martin maintained a Buy rating on Patrick Industries (PATK – Research Report) yesterday and set a price target of $115.00.
Tristan M. Thomas-Martin has given his Buy rating due to a combination of factors that suggest a positive outlook for Patrick Industries. The company’s roadmap for 2025 appears to be on track, with early indicators from retail shows and leaner inventory levels across various markets supporting this perspective. Additionally, Patrick Industries is expected to benefit from cross-selling opportunities arising from recent acquisitions, which could expand its reach into new markets and distribution channels.
Despite facing a slight dip in operating margins in the fourth quarter, the company’s revenue showed a significant increase, driven by acquisitions and organic growth. The management’s confidence in new product development and the potential to integrate legacy product lines with acquisitions like RecPro also contribute to a favorable forecast. Expectations of improved margins and growth in specific sectors, such as manufactured housing, further underscore the positive assessment. These elements collectively support Tristan M. Thomas-Martin’s Buy rating for Patrick Industries.
In another report released today, KeyBanc also maintained a Buy rating on the stock with a $110.00 price target.
PATK’s price has also changed moderately for the past six months – from $121.110 to $95.010, which is a -21.55% drop .