Piper Sandler has raised its price target on Yeti Holdings Inc. (NYSE:YETI) to $54 from $43 and reaffirmed an Overweight rating on the outdoor lifestyle brand. The firm said its decision reflects signs that U.S. drinkware - a segment that has weighed on Yeti's overall revenue for multiple quarters - is approaching an inflection point relative to the steep year-over-year comparisons from roughly 18 months ago.
Analysts at Piper Sandler see the drinkware category beginning to accelerate, forecasting a return to positive year-over-year sales in the fourth quarter. The firm highlighted a slate of new product introductions - specifically the Silo Jug line, a Rambler travel straw mug and the Yonder shaker bottle - as drivers that should help re-energize the category.
Piper Sandler pointed to supportive signals in consumer interest data, noting quarter-over-quarter improvements in U.S. Google search trends for Yeti's Rambler and Yonder ranges. At the same time, the firm flagged that overall Google searches for the Yeti brand remain subdued, declining 9% quarter-over-quarter and 12% year-over-year.
Conversations with retailers about Yeti's refreshed merchandise assortment have been positive, the firm said. Piper Sandler also cited momentum in international sales - which expanded 14% year-over-year in the third quarter - as an additional tailwind that could help the drinkware segment re-establish growth.
Operational indicators appear to be improving ahead of the holiday quarter. Piper Sandler noted stronger sell-in orders going into the fourth quarter, following notable improvements in wholesale sell-through during the third quarter, and expects those trends to underpin the company's near-term performance.
Recent analyst actions on Yeti
The stock has been the subject of multiple analyst updates. Roth/MKM upgraded Yeti to Buy from Neutral and raised its price target to $60, citing constructive sales and margin momentum. KeyBanc upgraded the shares to Overweight and set a $57 price target, calling out supply-chain improvements. Goldman Sachs kept a Neutral rating with a $45 price target while expressing optimism about the company's revenue growth potential in the first half of 2026. Stifel boosted its price target to $43 from $34 but maintained a Hold rating, noting reservations about consumer purchase frequency even as it acknowledged brand development progress.
These divergent analyst views illustrate a mix of optimism about a recovery in demand and caution over longer-term purchase patterns.
Implications for stakeholders
For investors, the Piper Sandler upgrade signals increased confidence that product innovation and improving wholesale dynamics can translate into sequential sales momentum. For retailers and distribution partners, the reported positive feedback on the new assortment and stronger sell-in suggest inventory and merchandising plans are aligning with anticipated consumer demand. International growth also presents an offset to ongoing U.S. softness.