Yeti price target raised to $54 from $52 at Piper Sandler

Piper Sandler analyst Peter Keith raised the firm’s price target on Yeti to $54 from $52 and keeps an Overweight rating on the shares. Yeti reported a “very solid” Q1, and while shares have been under pressure on concerns of demand slowing and/or increased competition, the company delivered solid double digit sales growth across all key metrics and notable upside to gross margin, the analyst tells investors in a research note. The implied guidance for Q2 and stated guidance for 2024 look nicely beatable as Yeti launches new products and continues to see easier sales compares, Piper says.