In a report released today, Eric Wold from B.Riley FBR downgraded Marine Products Corp (MPX) to Hold. The company’s shares closed on Friday at $21.84.
Wold said:
“We are revisiting Marine Products Corp. (MPX) in order to take a more conservative approach on valuation given the meaningful multiple premium that the shares have commanded since we assumed research coverage ~18 months ago and we have entered an environment where investors may be unwilling to apply above-average multiples until there is stronger visibility into both economic trends heading into next year as well as underlying boat buying demand throughout the boat show season (with the key shows not held until late January and mid- February).”
According to TipRanks.com, Wold is a 1-star analyst with an average return of -2.0% and a 38.5% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Marine Products Corp with a $21 average price target.
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The company has a one-year high of $24.70 and a one-year low of $11.94. Currently, Marine Products Corp has an average volume of 45.76K.
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Marine Products Corp. engages in the manufacture and market of fiberglass motorized boats and distributed through its independent dealer network. It manufactures Chaparral sterndrive pleasure boats including H2O sport and fish & ski boats, SSi and SSX sportboats, Sunesta sportdecks, Signature cruisers, SunCoast sportdeck outboards, Vortex jet boats and Robalo outboard sport fishing boats. The company was founded on February 28, 2001 and is headquartered in Atlanta, GA.
