Marine Products initiated with Neutral on macro backdrop at DA Davidson

DA Davidson analyst Brandon Rolle last night initiated coverage of Marine Products with a Neutral rating and $16 price target. The analyst is positive on the long-term outlook for Marine Products’ business, but is cautious on the company’s near-term earnings outlook given the current macro backdrop and the recent trajectory of boat dealer inventory levels as marine industry retail sales have slowed. The firm wants to see improved underlying marine industry fundamentals and a more favorable macro backdrop to get positive on the shares.