Yeti stock was up 95 cents at $31.15 on the New York Stock Exchange. The stock has gained nearly 30% in the past month.
In a research note to clients, Cowen said it was initiating coverage of the recently public cooler and beverage holder maker with an outperform rating, noting sales and earnings estimates appear conservative as the company's shift to direct-to-consumer sales accelerates.
Cowen also noted that broader positive trends in outdoor and lifestyle brands will also help Yeti's sales and earnings going forward.
Cowen's outlook stands in contrast to JPMorgan, which last month downgraded the company's stock to equal weight from overweight, sending its shares tumbling more than 7%.
However, it jives with TheStreet's Jim Cramer's view, who noted during a recent Mad Money lightning round that he remains a huge fan of the company's products - and prospects.
For 2019, Yeti is expecting adjusted earnings of between 99 cents and $1.04 a share. The latest consensus estimate of analysts surveyed by FactSet is for full-year adjusted earnings of $1.02 a share.