Morgan Stanley analyst Kimberly Greenberger downgraded Yeti to Equal Weight from Overweight, stating that while she remains constructive on the company's long-term outlook, she sees much of the good news being priced in with the stock having advanced 115% year-to-date.
The stock, which has risen 77% above its IPO price from last October, appears to be pricing in 5-plus years of mid-teens percentage revenue growth, which compares to her base case estimate of 11% growth, Greenberger tells investors.
She raised her price target on Yeti shares to $32 from $26, driven by an increased multiple as peers have re-rated higher.
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