Malibu Boats price target lowered to $60 from $62 at Truist

Truist analyst Michael Swartz lowered the firm’s price target on Malibu Boats to $60 from $62 and keeps a Buy rating on the shares as part of a broader research note on Recreational Vehicles and citing data from the Fall FY23 Marine Dealer survey. Demand trends cooled post Labor Day with an estimated retail volume decline of high-single to low-double-digits vs. last year witnessed in September, the analyst tells investors in a research note. The firm further notes that inventory remains a near-term concern, with 59% of dealers citing stocking levels that are currently too heavy. Until there is greater visibility and comfort into FY24 earnings power and estimates are viewed as achievable, upside on these shares is likely to be limited, Truist added.