Truist Financial analyst Gregory Miller maintained a Buy rating on Patrick Industries today and set a price target of $126.00.
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Gregory Miller has given his Buy rating due to a combination of factors tied to Patrick Industries’ resilient performance and attractive valuation. He notes that the company continues to execute well operationally even as the broader recreational markets, including RV and marine, remain under macro pressure. His updated forecasts show modestly higher adjusted EPS for 2025 and a solid growth trajectory through 2027, with EBITDA projected to increase each year. Miller also highlights that PATK was a standout performer in the recreation space in 2025 and expects that disciplined execution will persist into 2026.
Miller further points to multiple growth drivers that support his positive stance, including expansion in the aftermarket following the RecPro e-commerce acquisition and increasing penetration in powersports, where the addressable market significantly exceeds Patrick’s current revenue base. He believes the company’s strong free cash flow generation, sub-3x leverage, and nearly $800 million in available liquidity position it well to continue pursuing accretive acquisitions, particularly in marine and powersports. While he acknowledges uncertainty around consumer demand recovery in key end markets for 2026, he views leaner channel inventories and anticipated improvements in shipments as supportive for future growth. Based on these fundamentals, he raises his price target to $126, using a 10x multiple on his 2027 EBITDA estimate, which underpins the Buy recommendation.