Patrick Industries price target lowered to $113 from $126 at Truist
Truist analyst Gregory Miller lowered the firm's price target on Patrick Industries to $113 from $126 and keeps a Buy rating on the shares as part of a broader research note on Recreational Vehicles. The firm notes that following its assumed May revisions, the overall North American industry Retail RV sales were down high-single digits following April decline of 12.7%, but the RV wholesale unit shipment production declines have continued to accelerate sequentially, the analyst tells investors in a research note. Truist is adjusting its estimates partly on weaker-than-expected RV trends year-to-date and also following the initial stock impact from the latest merger news between LCI and Patrick, the firm added.
Truist analyst Gregory Miller lowered the firm's price target on Patrick Industries to $113 from $126 and keeps a Buy rating on the shares as part of a broader research note on Recreational Vehicles.
The firm notes that following its assumed May revisions, the overall North American industry Retail RV sales were down high-single digits following April decline of 12.7%, but the RV wholesale unit shipment production declines have continued to accelerate sequentially, the analyst tells investors in a research note.
Truist is adjusting its estimates partly on weaker-than-expected RV trends year-to-date and also following the initial stock impact from the latest merger news between LCI and Patrick, the firm added.