Roth MKM analyst Scott Stember raised the firm’s price target on Patrick Industries to $101 from $90 and keeps a Buy rating on the shares. The firm maintains its bullish stance on the company after its announced acquisition of Sporttech – a leading designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs and the aftermarket, the analyst tells investors in a research note. The pending deal is seen as a high-margin avenue for the company to double the size of its nascent powersports effort, the firm added.
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- Patrick Industries, Inc. Signs Definitive Agreement to Acquire Sportech, LLC – a Leading Supplier of Premium Component Solutions to Powersports OEMs
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