Patrick Industries price target lowered to $111 from $114 at DA Davidson

DA Davidson lowered the firm’s price target on Patrick Industries (PATK) to $111 from $114 and keeps a Neutral rating on the shares. The firm cites the company’s Q3 earnings miss and a cut in operating margin guidance, also noting that the management updated its industry outlooks, with strength in the Manufactured Housing segment being more than offset by weakness in the marine, RV, and powersports segments, the analyst tells investors in a research note.