Malibu Boats price target raised to $37 from $30 at Truist

Truist analyst Michael Swartz raised the firm’s price target on Malibu Boats (MBUU) to $37 from $30 and keeps a Hold rating on the shares. The company’s new initiatives and the management’s mid-cycle outlook during its Investor Day are “encouraging”, though cyclical recovery timing remains an “important TBD”, the analyst tells investors in a research note. The management did not provide a defined timeframe at Investor Day regarding a mid-cycle outlook, though structurally, the firm has come away encouraged on several avenues of potential significant growth and sightlines on P&L and free cash flow modeling once the upcycle returns, Truist added.