Yeti Holdings’ growth prospects look bleak in the coming months, according to Goldman Sachs. Analyst Brooke Roach downgraded the cooler company’s stock to neutral from buy, citing a backdrop of tougher sales and subdued consumer demand that will hamper growth. “While we continue to see some of these drivers as long-term opportunities, we are now less confident about the outlook for higher performance as growth in the core product category (drinkware) and channel (wholesale) has faded on a 1-year and 3-year CAGR basis,” he said. . YETI YTD mountain Shares of Yeti this year The stock fell 2% before the bell on Friday. Yeti shares are down about 5% this year and have fallen 57% since Goldman Sachs began coverage with a buy rating. Along with the downgrade, Roach trimmed the bank’s price target to $43 from $51 a share, implying a 9% rise from Friday’s close. “In short, we admit we made the wrong call, and now see a more balanced risk/reward,” he wrote. Yeti is also facing competitive pressure in the liquor market, and higher selling, general and administrative costs should hinder margin improvements, Roach said. “Longer term, we can see a healthy margin recapture opportunity after the disruption of freight and supply chain costs, but believe that these gains will be slower to achieve higher levels of reinvestment in fuel innovation, technology, and growth,” he said. – CNBC’s Michael Bloom contributed reporting