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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on MBUU:
- Here’s What’s Behind the Drop in Boat Stocks
- Malibu Boats price target lowered to $68 from $72 at Baird
- Malibu Boats, Inc. Announces Fourth Quarter Fiscal 2023 Results
- Malibu Boats sees 2024 net sales decline percentage in mid-to-high teens
- Malibu Boats reports Q4 adjusted EPS $2.98, consensus $2.30