Malibu Boats price target lowered to $45 from $56 at B. Riley

B. Riley analyst Eric Wold lowered the firm’s price target on Malibu Boats to $45 from $56 and keeps a Neutral rating on the shares. The company’s fiscal Q2 results came in mixed versus expectations as lower adjusted operating expenses helped to offset weaker net sales and gross margins compared to projections, the analyst tells investors in a research note. The firm says that with demand for new boats slowing faster than anticipated during the fall and winter, management has reduced production to drive channel inventories down to more appropriate levels by Q4. Riley is staying on the sidelines until demand visibility improves.