Patrick Industries price target lowered to $100 from $105 at Truist

Truist lowered the firm’s price target on Patrick Industries to $100 from $105 but keeps a Buy rating on the shares as part of a broader research note on Recreational Vehicles. The Fall RV dealer survey data reinforce Truist’s generally cautious stance regarding the potential RV earnings recovery in the second half of this year, the analyst tells investors in a research note, stating that in addition to growing dealer hesitance to restock prior to FY24, greater than anticipated invoice deflation could present unique challenges across the RV complex. The firm adds however that for investors with a longer time horizon, it is positive on the names with greater exposure to premium product, greater end market diversification, lesser potential for pricing/margin pressures, and unique organic market share expansion opportunities.