Benchmark starts Patrick Industries with a Buy on continued content growth

As previously reported, Benchmark analyst Michael Albanese initiated coverage of Patrick Industries with a Buy rating and $145 price target. The “leading component supplier” for the RV, Marine, Powersports and Manufactured Housing industries has “a strong history” of content, free cash flow, and EPS growth, as well as reinvestment at high returns on capital, the analyst tells investors. Over 10 years, Patrick has grown its RV and MH content per unit by CAGRs of 14% and 15%, respectively, notes the analyst, who sees “plenty of white space to continue the historical growth.”