DA Davidson lowered the firm’s price target on MasterCraft Boat to $22 from $29 and keeps a Neutral rating on the shares. The company’s FY24 guidance was well short of consensus expectations as its management guided to a challenging FY24, with expectations for retail to be down in mid-teen percentage and retail outpacing wholesale shipments, the analyst tells investors in a research note. The guidance paints a bearish picture for FY24, though MasterCraft’s updated outlook and underlying assumptions appear to be reasonable, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MCFT:
- MasterCraft Boat price target lowered to $23 from $28 at Truist
- MasterCraft Boat price target lowered to $25 from $40 at Raymond James
- MasterCraft Boat price target lowered to $30 from $40 at Baird
- Here’s What’s Behind the Drop in Boat Stocks
- MasterCraft Boat downgraded to Neutral from Buy at B. Riley