Craig-Hallum analyst Greg Palm lowered his price target for Cavco Industries to $170 from $230 following "solid" quarterly results that were overshadowed by an SEC subpoena and resignation of the company's Chairman and CEO Joe Stegmayer. While surprised at the subpoena news, at this point the analyst believes the issue is solely related to securities trading and has no reason to believe that financials or financial statements are at risk. There is however litigation risk and the potential for monetary damages, not to mention increased costs associated with this investigation which will likely last multiple quarters, he contends. Palm reiterates a Hold rating on the shares.