Truist cuts Patrick Industries stock price target on RV softness

Truist Securities has lowered its price target on Patrick Industries (NASDAQ:PATK) stock to $108 from $113, maintaining a Buy rating. The firm cited softness in the recreational vehicle (RV) market as the reason for the downgrade, with Patrick Industries' shares currently trading at $87.41, indicating a potential 24% upside to the new target.

The company's fiscal 2026 adjusted EBITDA estimate was reduced to $462 million from $486 million, while its adjusted earnings per share estimate was lowered to $4.20 from $4.55. Analysts noted that the lower estimates reflect broader concerns about the company’s near-term outlook, with 6 revisions downwards for the upcoming period.

Patrick Industries reported a second-quarter 2026 adjusted earnings per share of $1.29 on revenue of $1.04 billion, slightly below Wall Street’s forecast, while managing to maintain revenue levels despite a 16% decrease in RV wholesale shipments. The company demonstrated strong performance in its marine, powersports, and housing segments.

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