Patrick Industries price target raised to $115 from $103 at BMO Capital

BMO Capital analyst Tristan Thomas-Martin raised the firm’s price target on Patrick Industries (PATK) to $115 from $103 and keeps an Outperform rating on the shares. The company’s t operating margin came in a little lighter than anticipated, with the slightly lower margin base flowing through to the firm’s 2025 estimates, but BMO continue to like the setup for Patrick entering 2025 with generally positive early-season retail shows and significantly leaner channel inventory levels across end markets, the analyst tells investors in a research note.