In a report released yesterday, Brian McNamara from Canaccord Genuity maintained a Hold rating on Yeti Holdings, with a price target of $34.00.
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Brian McNamara has given his Hold rating due to a combination of factors affecting Yeti Holdings. The company has maintained its strong position in the cooler market, but it faces increasing competition in the drinkware segment. Despite YETI’s quality being well-regarded, newer brands like Owala, HydroJug, and Bink are gaining traction and could pose a threat to YETI’s market share.
Additionally, while YETI has seen a slight increase in popularity, the overall drinkware market has become more promotional, impacting sales growth. The competitive pressures from emerging brands and the promotional environment have led to a modest reduction in Q3 sales estimates for YETI. These dynamics have contributed to McNamara’s decision to maintain a Hold rating with a price target of $34.
McNamara covers the Consumer Cyclical sector, focusing on stocks such as SharkNinja, Inc., Holley, and Planet Fitness. According to TipRanks, McNamara has an average return of -1.5% and a 49.13% success rate on recommended stocks.
In another report released on September 20, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $39.00 price target.