BMO Capital raised the firm’s price target on Patrick Industries to $120 from $105 and keeps an Outperform rating on the shares. The company’s Q4 results were directionally as expected, with low OEM productions rates and RV discontenting/mix shift headwinds pressuring results, the analyst tells investors in a research note. In 2024, Patrick Industries expects 30-50bps of y/y operating margin expansion, tweaking its end market assumptions, the firm added.
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