MarineMax price target lowered to $38 from $40 at B. Riley

B. Riley lowered the firm’s price target on MarineMax to $38 from $40 and keeps a Buy rating on the shares. The company reported fiscal Q2 results that came in below expectations on a weaker than expected recovery in boat demand and continued pressure on margins due to elevated promotional activity, the analyst tells investors in a research note. The firm, however, is “somewhat optimistic” that any potential impact on MarineMax would be modest given both the penetration of higher-selling boats and the benefit of the ancillary business acquired in recent years.