B. Riley analyst Eric Wold lowered the firm’s price target on Malibu Boats to $59 from $69 and keeps a Neutral rating on the shares post the fiscal Q4 report. The results came in well above estimates as management was able to boost production and satisfy dealer inventory needs ahead of expectations, the analyst tells investors in a research note. However, management came out with a more cautious view on the retail environment for the new year that adversely impacted initial guidance beyond the tough comparisons to last year’s inventory replenishment, says the firm.
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