Craig-Hallum analyst Steve Dyer upgraded MarineMax to Buy from Hold and reiterated his $22 price target, as he believes risk/reward is attractive. In a research note to investors, Dyer says he thinks the stock has been oversold following "solid" Q1 earnings, and says his checks indicate boat demand has stabilized in January following a weak and volatile December, valuation is highly attractive and forward estimates appear conservative. The analyst notes that MarineMax trades at a meaningful discount relative to other public dealer comps despite superior SSS and profitability growth as well as an earlier stage industry cycle.