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Here’s Why YETI Holdings (NYSE:YETI) Stock Gained 32%

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YETI Holdings shares jumped almost 32% yesterday, driven by stronger-than-expected Q3 results that beat both top-line and bottom-line estimates.

YETI Holdings Inc. (NYSE:YETI) shares jumped almost 32% on November 10 following upbeat Q3 earnings despite inflationary and supply chain challenges.

YETI Holdings is a global designer, retailer, and distributor of innovative outdoor and recreation products.

A Snapshot of YETI Holdings Q3-2022 Results

Adjusted earnings of $0.63 per share easily beat the analysts’ estimates of $0.58 per share. However, it was slightly lower compared to earnings of $0.65 per share in the prior-year period.

Further, sales jumped 20% year-over-year to $433.6 million and exceeded consensus estimates by $414.50 million. The revenue growth was driven by robust performances across all segments.

Based on robust Q3 results, management reiterated and narrowed its guidance range for the full year 2022.

For FY22, sales are expected to grow 16% while adjusted EPS is expected to decline 9% year-over-year to $2.36, compared to the prior guidance range of $2.34-$2.46.

Is YETI a Good Stock to Buy?

The Wall Street community is clearly optimistic about Yeti Holdings stock. Overall, the stock commands a Strong Buy consensus rating based on four Buys and one Hold. Yeti Holdings’ average price target of $48.50 implies 21.49% upside potential from current levels.

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