Yeti downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Brooke Roach downgraded Yeti Holdings to Neutral from Buy with a price target of $43, down from $51. The analyst continues to see several long-term growth drivers, but not has less conviction in Yeti’s outlook for revenue outperformance as growth in core product categories and channels "has faded." Headwinds facing the company include inventory rebalancing at wholesale, competitive pressure, fading benefits from pricing, and ongoing softness in consumer demand for big-ticket durable goods categories, the analyst tells investors in a research note. The firm cites a slower growth outlook for the downgrade.