Yeti shares are down again, but analysts are bullish

Yeti Holdings Inc. shares are down 3.2% in Friday premarket trading after closing Thursday down 7%. But Raymond James says it's not worried. "[T]he shares traded lower following the release of F2Q financial results Thursday - including a beat and raise of guidance - which we attribute largely to profit taking given the strong run-up in the shares this year," analysts wrote. Yeti stock is up 118% for the year to date, far outpacing the S&P 500 index , which is up nearly 18%. Raymond James thinks the slump is exacerbated by "relatively high" expectations, inventory growth of more than 21% year-over-year, and the latest tariff announcement, which will impact Yeti drinkware. Raymond James rates Yeti stock outperform and raised its price target by $1 to $36. Cowen analysts also maintained their outperform stock rating and raised their price target to $38 from $37. "Product cycle in new and existing categories, increasing brand awareness, and strong loyalty support Yeti's robust growth profile," analysts said.

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