Truist lowered the firm’s price target on MasterCraft Boat to $20 from $22 and keeps a Hold rating on the shares as part of a broader research note on Recreational Vehicles. The Truist Securities Winter FY24 Marine Survey saw 65% of dealers anticipate new volume to be flat to up y/y in FY24, while 34% expect volume to contract, and dealers are adjusting orders to contend with stubbornly high inventory and carrying costs, the analyst tells investors in a research note. Comparable industry-wide order volumes for model-year 2024 will be down 25% or more vs. model-year 2023, the firm adds.
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