YETI's Valuation Remains 'Compelling;' Potential Upside Likely in H2, BofA Says

MT Newswires Live08-09

YETI Holdings' (YETI) valuation remains "compelling" compared with other leisure brands, with the company expected to see a potential upside in H2 and long-term support from international growth, BofA Securities said in a note emailed Friday.

The firm raised its 2024 earnings estimate for YETI to $2.65 per share from $2.60 after the company reported Q2 EPS of $0.70, versus BofA's estimate of $0.63.

Multiple factors are expected to drive YETI's growth in H2, including the NFL licensing deal for drinkware and coolers, strong sales during Amazon Prime Day in Q3 and the contribution of new products, BofA said.

The company's plans to extend its presence in the international markets, diversify product offerings to include cookware and backpacks, and additional mergers and acquisitions to acquire technology, design, and talent will support its long-term growth, BofA added.

BofA said it upgraded its rating on YETI's stock to buy from neutral on anticipated continued momentum driven by new product categories and international expansion. It also raised its price target to $55 from $46.

Price: 41.21, Change: -1.91, Percent Change: -4.43

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