Cavco Industries price target lowered to $313 from $334 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Cavco Industries to $313 from $334 and keeps a Buy rating on the shares. The firm notes Cavco reported a quarterly miss, a byproduct of lower volumes and lower gross margin. Industry conditions remain relatively consistent vs. last quarter, as orders from retail have rebounded, offset by continued softness at communities, Craig-Hallum adds. Margins were also weak on higher input costs and lower production but remained relatively healthy despite a more challenging environment. The firm has lowered its estimates modestly to take into account a longer-than-expected recovery but still recommend shares to investors.