KeyBanc raised the firm’s price target on Patrick Industries to $95 from $90 and keeps an Overweight rating on the shares. The firm notes Patrick Industries delivered mixed Q2 results, leaving RV forecasts unchanged. Looking medium-term, KeyBanc continues to like Patrick Industries’ margin execution, end market diversification, organic growth track record, and tuck-in M&A, all supporting higher MT earnings power. Further, while the firm sees softer marine dynamics near-term, it thinks investors viewed management’s incremental optimism on the second half of 2023 leisure lifestyle favorably and sees sentiment improving as the RV bottom feels closer vs. further away.
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