Roth MKM lowered the firm’s price target on Patrick Industries to $90 from $95 but keeps a Buy rating on the shares. The analyst notes the company’s “solid” Q3 results despite the impact of a plunging RV OEM production with higher operating margin despite the 22% decline in sales. The firm is cutting its FY24 EPS estimate to $8.22 from $9.24 however while assuming a 2% sales decline, forecasting the ongoing end market weakness to continue into the first half of 2024.
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Read More on PATK:
- Patrick Industries, Inc. Reports Third Quarter 2023 Financial Results
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- Patrick Industries price target lowered to $95 from $100 at Truist
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