MarineMax price target lowered to $40 from $45 at B. Riley

B. Riley lowered the firm’s price target on MarineMax to $40 from $45 and keeps a Buy rating on the shares. The company’s fiscal Q1 results and updated fiscal 2024 guidance reflect a boat-buying environment that continues to be impacted by elevated promotions that are pressuring margins as manufacturers and dealers look to right-size inventories ahead of the upcoming spring/summer boating season, the analyst tells investors in a research note. The firm says it was wrong to assume that the industry was past the major margin headwinds and could enter this year in a position to see a more stable margin environment.