MasterCraft Boat price target lowered to $21 from $23 at B. Riley

B. Riley lowered the firm’s price target on MasterCraft Boat to $21 from $23 and keeps a Neutral rating on the shares. The company reported fiscal Q1 results that came in ahead of expectations on stronger MasterCraft brand prices even though overall production levels remain well below year-ago levels and the outlook remains for production and wholesale shipments to lag retail demand throughout fiscal 2024 to bring elevated channel inventories down to more appropriate levels, the analyst tells investors in a research note.