Goldman Sachs upgrades Yeti Holdings to buy, raises price target to $63

According to CNBC, Goldman Sachs upgraded Yeti Holdings to buy from neutral and raised its price target to $63 from $46, implying 23% upside from Friday's close. The investment bank said consumer demand for outdoor recreation products, including durable drinkware, is gaining momentum in the U.S. Goldman Sachs analyst Brooke Roach said the firm's latest channel checks and brand momentum work increased confidence that Yeti's growth outlook is becoming more durable, with improved visibility to sustained U.S. demand and a more favorable risk-reward profile versus peers. Roach also said Yeti's recent focus on product innovation continues to expand across categories and supports growth in its legacy and emerging franchises. Yeti shares rose 12% in premarket trading after the rating change and have gained nearly 16% year to date.