Yeti price target raised to $35 from $32 at B. Riley

B. Riley raised the firm’s price target on Yeti (YETI) to $35 from $32 and keeps a Neutral rating on the shares. B. Riley came away from the conference call impressed by the double-digit POS gains at wholesale across both Drinkware and Coolers & Equipment, which is viewed as supportive of the reiterated expectation for overall Drinkware sales to inflect in Q4, the analyst tells investors in a research note. The firm expects heightened promotionality among key Drinkware competitors to remain a near-term headwind, though this activity indicates waning brand heat, suggesting the competitive encroachment has likely crested, the firm says.