Malibu Boats price target lowered to $53 from $64 at DA Davidson

DA Davidson lowered the firm’s price target on Malibu Boats to $53 from $64 and keeps a Neutral rating on the shares. The company’s Q4 earnings topped expectations, but its initial FY24 guidance fell short of estimates, with the first half of the year expected to be “challenging” before improved industry outlook by the second half of the year, the analyst tells investors in a research note. Based on its checks and commentary from other OEMs in the category, Malibu Boats may see downside to their initial guide, the firm added.