Stifel initiates coverage of MasterCraft Boat with a buy rating

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Stifel analyst Drew E. Crum on Friday assigned a buy rating and $35 a share price target to MasterCraft Boat Holdings Inc. MCFT, -0.04% as the firm launched coverage of the manufacturer of recreational power boats. Crum sees the U.S. boating market as better-equipped to endure a recession, for the near/intermediate-term. “And though growth is expected to slow, we are constructive on MasterCraft’s brands, given its strong competitive position in fast-growing categories segments as ski/wake and pontoon, and see further movement across the portfolio (i.e., Aviara and NauticStar) serving as potential catalysts,” Crum said. Shares of MasterCraft Boat are down 6.3% in 2022, compared to a 17.1% drop by the Nasdaq COMP, -2.01%.

This article was originally published by Marketwatch.com. Read the original article here.

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