Goldman Sachs says buy this drinkware maker as momentum grows
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Yeti Holdings is gaining momentum in the U.S. as consumer appetite for outdoor recreation products such as durable drinkware grow, according to Goldman Sachs. The investment bank upgraded the cooler and metal bottle maker to buy from neutral. It also hiked its price target on shares to $63 from $46, implying 23% upside from Friday's close. The stock surged 12% in the premarket following the rating change. YETI 5D mountain YETI 5-day chart "Our latest channel checks and brand momentum work increase our conviction that YETI's growth outlook is becoming more durable, analyst Brooke Roach said Monday in a note to clients. "The increase [is] largely reflecting our increased confidence in the durability of YETI's growth algorithm, improving visibility to sustained US demand, and a more favorable risk/reward profile relative to peers." Yeti has demonstrated a strong focus on product innovation as of late, which "continues to expand across categories, supporting our view that YETI can support growth in legacy and emerging franchises," the analyst added. The North American drinkware market is projected to grow from $9.13 billion in 2025 to $15.21 billion in 2033, according to a report from market research firm Grand View Research. Goldman Sachs' call falls in line with consensus on Wall Street. Of the 17 analysts covering Yeti, 9 have a buy or strong buy rating on the stock, while 8 have a hold on it, LSEG data shows. Shares have risen nearly 16% year to date.