B.Riley FBR analyst Eric Wold maintained a Hold rating on Malibu Boats (NASDAQ: MBUU) today and set a price target of $41. The company’s shares opened today at $54.91, close to its 52-week high of $59.57.
Wold said:
“Before the open today (9/6), Malibu Boats (MBUU) reported 4Q18 results that came in well ahead of our and consensus estimates as Cobalt Boats provided a meaningful boost to underlying core Malibu/Axis wholesale shipment growth. As previewed in both our 7/16 industry preview and our 8/29 industry preview, we expected the combination of 1) healthy underlying consumer demand trends within the Ski/Wake boat segment; 2) positive industry channel checks that somewhat refuted the confusing/disappointing industry data released by Statistical Surveys (SSI) in recent months; and 3) healthy channel inventory levels and a relatively muted promotional environment to all drive upside to the quarter’s results — but we definitely underestimated the upside potential.”
According to TipRanks.com, Wold is a 5-star analyst with an average return of 11.3% and a 64.1% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, National Cinemedia, and AMC Entertainment.
Malibu Boats has an analyst consensus of Moderate Buy, with a price target consensus of $48.
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The company has a one-year high of $59.57 and a one-year low of $25.98. Currently, Malibu Boats has an average volume of 133.6K.
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Malibu Boats, Inc. is a holding company, which engages in the design, manufacture, and market of performance sport boats. Its boats are used for water sports, including water skiing, wakeboarding and wake surfing, as well as general recreational boating under the brands Malibu and Axis Wake Research.
