Patrick Industries price target raised to $100 from $80 at Truist

Truist analyst Michael Swartz raised the firm’s price target on Patrick Industries to $100 from $80 and keeps a Buy rating on the shares as part of a broader research note on Recreational Vehicle category. While retail patterns improved in May-June, the firm remains concerned with elevated inventory levels, the likelihood of sluggish commitments, and another round of pricing hikes that will test a market already beset by affordability concerns, the analyst tells investors in a research note. Truist adds however that with valuations for most marine stocks sitting at the lower end of historical ranges, the lowered guidance and expectations could serve as a “needed catalyst” for the broader space.