Patrick Industries price target raised to $120 from $115 at KeyBanc

KeyBanc raised the firm’s price target on Patrick Industries (PATK) to $120 from $115 and keeps an Overweight rating on the shares. The firm recently hosted meetings with Patrick’s management and came away incrementally positive on the company’s long-term opportunity and ability to both ramp production and meaningfully leverage expenses once improvements in end-market dynamics take hold. KeyBanc maintains that the setup for leisure vehicles remains challenging, but favors Patrick given its diversified exposure and consistent track record of organic plus M&A growth and margin execution.