Truist Analyst Lifts Patrick Industries (PATK) Price Target to $114, Reiterates Buy Rating

Patrick Industries, Inc. (NASDAQ:PATK) is included among the 15 Dividend Growth Stocks with the Highest Growth Rates.

Truist Analyst Lifts Patrick Industries (PATK) Price Target to $114, Reiterates Buy Rating

Patrick Industries, Inc. (NASDAQ:PATK) produces and supplies​ compon‌ents for several industries, including rec‍r⁠e‍ationa‍l vehicles (RVs), marine, powersports, and manufacture‍d housing.‍ Its key customers are original‌ e‌quipm‍ent manufacturers that‍ build motorboats, boats, and prefabricated homes.

On October 15, Truist​ analyst Mich‌ael‌ Swar‍tz raised‌ the pr‌ice target for Patrick Industries, Inc. (NASDAQ:PATK) fr‌om $105 to $114 w⁠hi⁠le maintaining a Buy rating o‌n the s‍tock. The update⁠ came as p⁠ar‌t of‍ a broader​ r⁠esearch note in which th⁠e‌ firm‌ revise⁠d its model estimates and provided a preview of​ third-quart⁠er‌ earnings fo⁠r the‌ Recreational Vehi‌cles‌ sector.

In addition to its advancements in its industry, Patrick Industries, Inc. (NASDAQ:PATK) is also popular among income investors because of its strong dividend history. In FY24, the company returned $55 million to shareholders through dividends and share repurchases. It initiated paying dividends in 2019 and has raised its quarterly payouts from $0.25 per share to $0.40 per share during this period. The stock has a dividend yield of 1.59%, as of October 30.

While we acknowledge the potential of PATK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PATK and that has a 100x upside potential, check out our report about the cheapest AI stock.

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