B. Riley upgraded MarineMax to Buy from Neutral with an unchanged price target of $43. The analyst acknowledges the near-term demand outlook for the recreational marine industry remains somewhat uncertain, but continues to believe MarineMax has a “two-pronged advantage over its peers with a higher-end buyer demographic focus and the move by management in recent years to diversify into more recurring and counter-cyclical revenue stream. With the shares declining by 27% since Riley downgraded MarineMax on July 27, the firm now sees potential upside of 44%. The stock’s the current valuation more than prices in any near-term demand risk but provides zero credit for the company’s “extensive” real estate portfolio, the analyst tells investors in a research note.
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