KeyBanc lowered the firm’s price target on Malibu Boats to $58 from $65 and keeps an Overweight rating on the shares. The firm notes Malibu Boats delivered a Q1 2024 beat amid a challenging environment. While the initial FY24 guide had been set substantially lower than the pre-Q4 2023 Street view, Malibu Boats lowered guidance further, with management citing a weakening retail environment, KeyBanc says.
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