Patrick Industries initiated with a Hold at Loop Capital

Loop Capital initiated coverage of Patrick Industries (PATK) with a Hold rating and $99 price target as part of a broader research note on RV sector. The North American RV industry is in the late innings of a prolonged inventory restocking period, though retail demand remains challenged with demand skewed towards more affordable, entry-level products, the analyst tells investors in a research note. Loop adds that the company’s long-term story is attractive with strong market share positions in key industry verticals, but shares are up over 30% over the past six months amid an uncertain macro backdrop, and the firm struggles to find near-term upside catalysts that would drive significant share appreciation in the near-term.