Patrick Industries price target lowered to $150 from $155 at BMO Capital

BMO Capital analyst Tristan Thomas-Martin lowered the firm’s price target on Patrick Industries (PATK) to $150 from $155 and keeps an Outperform rating on the shares after hosting meetings with its Investor Relations team. The management was cautious around recent macro headwinds but confident in its own internal initiatives to keep outperforming via market share/content expansion, particularly in its new end markets and the aftermarket, the analyst tells investors in a research note. BMO adds however that given the retail softness to start the year, it is lowering its industry retail and production estimates.