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In a report released today, Eric Wold from B.Riley FBR downgraded Marinemax (NYSE: HZO) to Hold, with a price target of $26. The company’s shares closed on Friday at $23.95, close to its 52-week high of $25.05.
Wold wrote:
“As originally discussed within our 5/29 Flash Note ( Recreational Marine Industry Update), we have recently become concerned around the sales process of the Sea Ray boat brand by the increased possibility that the sale to a private equity firm (as opposed to a strategic buyer) would negatively impact demand for the Sea Ray brand at MarineMax (HZO) locations. While we understand that potential Sea Ray buyers could be persuaded to move to another brand within the HZO network, we also acknowledge this would not be a guarantee and sales could either be lost or, at a minimum, delayed as boat buyers wait to get a better sense of strategic plan of the Sea Ray buyer and any long-term risk to the brand’s existence.”
According to TipRanks.com, Wold is a 5-star analyst with an average return of 9.0% and a 58.4% success rate. Wold covers the Services sector, focusing on stocks such as Reading International Inc, Cinemark Holdings Inc, and National Cinemedia.
Marinemax has an analyst consensus of Moderate Buy, with a price target consensus of $26.50.
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Marinemax’s market cap is currently $532.4M and has a P/E ratio of 19.96. The company has a Price to Book ratio of 1.67.
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MarineMax, Inc. engages in the provision of boating-related activities. The firm sells used and new sport boats, sport cruisers, sport yachts, and fishing boats through retail stores. It also provides maintenance, repair, slip, and storage services. The company was founded in January 1998 and is headquartered in Clearwater, FL.
