Malibu Boats price target lowered to $50 from $58 at KeyBanc

KeyBanc analyst Noah Zatzkin lowered the firm’s price target on Malibu Boats to $50 from $58 and keeps an Overweight rating on the shares. The firm notes Malibu Boats delivered mixed Q2 results, including a significant reduction to the FY24 guide. KeyBanc maintains that the setup for leisure vehicles remains challenging, as it remains most cautious on the marine cycle, with management continuing to cite a weakening retail environment. That said, the firm continues to view Malibu Boats as better positioned vs. peers and views valuation as attractive.