Patrick Industries price target lowered to $108 from $155 at Raymond James

Raymond James lowered the firm’s price target on Patrick Industries (PATK) to $108 from $155 and keeps an Outperform rating on the shares. While the timing and magnitude of end-market recovery remain uncertain, Patrick Industries is well positioned to benefit from any near-term improvement, with a strong track record of cyclical execution, organic and M&A-driven growth, and a premium valuation viewed as justified relative to its historical average, the analyst tells investors in a research note.