Skyline Champion price target lowered to $55 from $68 at RBC Capital

RBC Capital lowered the firm’s price target on Skyline Champion to $55 from $68 and keeps a Sector Perform rating on the shares. The firm is cutting its FY24 adjusted EBITDA view to $233M from $276M driven primarily by a reset lower in gross margins back to more historic levels following the company’s sharp Q2 miss and the management’s expectation for an incremental 200 bps sequential decline into year-end, the analyst tells investors in a research note.