Cavco Industries price target raised to $550 from $480 at Wedbush

Wedbush raised the firm’s price target on Cavco Industries (CVCO) to $550 from $480 and keeps a Neutral rating on the shares. The firm says the company has amassed a 6-to-8-week backlog going into the spring season and industry shipment trends suggest positive momentum to start 2025. Cavco bought $40M in stock during Q3 and has $111M remaining on the current authorization. Wedbush believes the buyback along with management’s commentary on the Q3 call regarding improving demand across all three channels should be catalysts for Cavco.