MasterCraft Boat Holdings (MCFT – Research Report), the Consumer Cyclical sector company, was revisited by a Wall Street analyst yesterday. Analyst Michael Swartz from Truist Financial remains neutral on the stock and has a $20.00 price target.
Michael Swartz gave his rating based on several factors including the 3Q results of MasterCraft Boat Holdings, Inc. (MCFT) and the company’s FY24 outlook. Despite a slightly lower than expected EBITDA and a maintained $20 PT, Swartz acknowledges the company’s decent performance in FY1Q. However, he pointed out the limited short-term visibility and the lack of significant catalysts that could propel the stock’s value significantly higher.
Swartz also highlighted some concerns that contributed to the Hold rating. Among these were the fall in consolidated volume, increased dealer support costs, and operational inefficiencies which affected the company’s 1Q performance more than anticipated. Despite these challenges, Swartz acknowledges that MCFT’s FY24 guidance is achievable, although dealer inventory rebalancing may not occur until mid-’24. He also pointed out that the stronger consumer demand at higher price points and pricing actions for MY24 could yield a more favorable mix across MCFT’s core towboat business.
In another report released today, B.Riley Financial also maintained a Hold rating on the stock with a $21.00 price target.
MCFT’s price has also changed moderately for the past six months – from $29.050 to $20.000, which is a -31.15% drop .
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MasterCraft Boat Holdings (MCFT) Company Description:
Mastercraft Boat Holdings, Inc. engages in the design, manufacture, and sale of boats. It operates through the MasterCraft, NauticStar, Crest segment. The MasterCraft segment offers recreational performance boats used for water skiing, wakeboarding, and wake surfing activities. The NauticStar segment includes recreational boats primarily used for salt water fishing, and general recreational boating. The Crest segment produces pontoon boats and are primarily used for general recreational boating. The company was founded in 1968 and is headquartered in Vonore, TN.
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