Yeti initiated with a Neutral at B. Riley

B. Riley initiated coverage of Yeti Holdings with a Neutral rating and $50 price target. The analyst says Yeti is a premium brand with demonstrated success in redefining product categories. However, the firm believes the company’s positives are well understood with the shares trading at the high end of the recent post-Covid range. Riley’s “enthusiasm is balanced,” considering a pressured consumer, rising competitive threats, and a waning growth opportunity from brand discovery, with potential product category expansion carrying greater risk. As a result, the firm looks for a better entry point.