Yeti price target lowered to $47 from $49 at Citi

Citi analyst Chasen Bender lowered the firm’s price target on Yeti to $47 from $49 and keeps a Buy rating on the shares. The firm says Similarweb web traffic data shows the company’s trend in average unique visitors and total visits decelerated quarter-over-quarter in Q2 globally. In the U.S., the data was mixed with the trend in average unique visitors worsening sequentially in Q2, but the trend in total visits improving, the analyst tells investors in a research note. Citi cites softer estimates into the Q2 report on August 8 and reduced valuation multiples for the peer group for the target cut.