Yeti Shares Jump After New Products Draw Praise
(Bloomberg) -- While many investors on Tuesday were focused on the U.S. trade war with China and hopes for monetary stimulus, Yeti Holdings Inc. drew praise for new additions to its array of outdoor and recreational products.
Analysts at Robert W. Baird reiterated their outperform rating on the stock after Yeti announced a next-generation soft cooler, stackable coffee mug, lunch box and dog bed. The company also said it would introduce three new seasonal colors -- river green, peak purple and clay -- across its portfolio.
“We are encouraged by the pace of product innovation at YETI, which serves to expand the brand’s addressable market opportunity,” Baird analyst Peter Benedict wrote in a note to clients.
Yeti rose as much as 5.3% Tuesday and has gained 56% since going public in October last year. The stock has 10 buy ratings, two holds and no sells. The average analyst price target implies 30% upside from the current price.
To contact the reporter on this story: Derek Hall in Chicago at firstname.lastname@example.org
To contact the editors responsible for this story: Catherine Larkin at email@example.com, Scott Schnipper
For more articles like this, please visit us at bloomberg.com
©2019 Bloomberg L.P.