Yeti falls as Cowen downgrades to "market perform" on slowing online demand

YETI Holdings

18/01/2023 15:23

** Yeti Holdings Inc's shares  YETI.N  down 2.9% at $43.56 -
set for their first session of losses in five days     
    ** Brokerage Cowen & Co downgrades the water bottle and
cooler maker to "market perform" from "outperform"
    ** Cowen says data shows traffic to YETI's website is
moderating into 2023; online sales are major revenue and margin
driver for co
    ** Brokerage, citing Similarweb data, says co's Dec. online
traffic was down 3% from 2021
    ** Cowen adds potential slowing sales in wholesale channels
is also a concern    
    ** YETI set to report Q4 results on Feb. 16
    ** Ten of 16 brokerages rate YETI at "buy" or higher and six
"hold"
    ** Brokerage reiterates $47 price target on YETI; median PT
is $52, per Refinitiv data
    ** Shares of YETI were down ~36% in the last 12 months
 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))