Yeti downgraded to Underweight from Sector Weight at KeyBanc

KeyBanc analyst Noah Zatzkin downgraded Yeti to Underweight from Sector Weight with a $34 price target ahead of quarterly results. Building on intra-quarter work, the firm thinks recent price action, macro pressures, competitor brand heat, and heavy inventory add risk to Q4+ results and the return to a +double-digit annual growth algorithm. While KeyBanc was hesitant to downgrade Yeti in mid-June, recent price action and incremental evidence of persistent promo, competitor brand heat, and direct-to-consumer softness increases downside risk.