YETI Analysts Increase Their Forecasts After Upbeat Q2 Earnings

YETI Holdings, Inc. YETI reported better-than-expected second-quarter earnings results and raised FY23 guidance.

YETI’s second-quarter 2023 sales fell 4% Y/Y to $402.56 million, missing the consensus of $411.64 million, unfavorably impacted by $24.5 million due to a recall reserve adjustment. Adjusted EPS of 0.57 beat the street estimate of $0.47.

Yeti raised FY23 adjusted EPS outlook to $2.23-$2.32, versus $2.19 estimate (prior view: $2.12-$2.23). The company raised FY23 sales growth outlook to 4% - 5% (prior view: 3% - 5%).

Yeti shares jumped 17.3% to close at $46.42 on Thursday.

These analysts made changes to their price targets on YETI following earnings announcement.

• Canaccord Genuity boosted the price target on YETI from $54 to $58. Canaccord Genuity analyst Brian McNamara maintained a Buy rating.
• Baird increased the price target on YETI from $55 to $60. Baird analyst Peter Benedict maintained an Outperform rating.

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