Patrick Industries initiated with an Outperform at Raymond James

Raymond James initiated coverage of Patrick Industries with an Outperform rating and $160 price target While the timing and magnitude of recovery in end market demand remains uncertain, the company is well positioned to benefit from any improvement over the balance of 2024 and 2025, the analyst tells investors in a research note. Further, the firm says Patrick’s long-term track record of execution and ability to grow over cycles, both organically and through accretive acquisitions, is “quite impressive” and justifies the stock’s current premium valuation when compared to its long-term average.