Raymond James analyst Joseph Altobello downgraded Malibu Boats (MBUU) to Market Perform from Strong Buy and removed his prior price target. In a research note to investors, Altobello says weak trends in the boat space are getting worse within the U.S. market, and notes the double-digit decline in registrations in June which was reported Friday, with registrations down ~14% for the month and down ~6% year-to-date, and says he fears the "late cycle" concerns that have weighed on many marine stocks so far this year are beginning to manifest themselves on the demand side, which he feels is likely to continue and is the beginning of "viscous cycle." The analyst also downgraded Marine Max (HZO) and MasterCraft (MCFT) to Market Perform from Strong Buy.

B. Riley lowered the firm's price target on MasterCraft Boat to $22 from $24 and keeps a Neutral rating on the shares. The analyst says delayed interest rate cut expectations could impact boat demand into year-end. Rhe new thought that rate cuts could be delayed into late 2024 could play negatively into both underlying boat demand and management outlooks on the upcoming earnings calls, the analyst tells investors in a research note. The firm is "increasingly cautious" on the potential impact on inventories and demand heading into the new fiscal year.

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