B. Riley downgraded MasterCraft Boat to Neutral from Buy with a price target of $23, down from $37. The company’s fiscal Q4 results came in above expectations on a positive mix of boat shipments even though overall shipments came in below expectations as management reduced production during the quarter on softening demand trends, the analyst tells investors in a research note. With management providing initial fiscal 2024 guidance well below expectations along with the likelihood that demand visibility may not be available until the upcoming boat show season, the firm believes MasterCraft shares may be range bound until shipment and net sales growth comes into the picture.
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- MasterCraft Boat sees Q1 adjusted EPS 41c, consensus 95c
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