Truist analyst Michael Swartz lowered the firm’s price target on Malibu Boats to $62 from $64 but keeps a Buy rating on the shares. The company’s Q4 earnings beat was “impressive” but its initial FY24 guidance was softer than anticipated, the analyst tells investors in a research note. It will likely be another 4-5 quarters before Malibu Boats can return to revenue and earnings growth, but the reset of near-term expectations and attractive valuation represent a more compelling risk-reward for the stock, the firm added.
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