Raymond James analyst Joseph Altobello upgraded Malibu Boats to Outperform from Market Perform with a $56 price target. The company has made good progress on its efforts to reduce excess dealer inventory and modestly raised its fiscal 2020 guidance last quarter, this despite its seasonally small status from a retail perspective, Altobello tells investors in a research note. Given improved industry trends of late, the analyst is bullish on future prospects even given some potential choppiness and thinks shares will rise, especially given ski/wake's continued outperformance vs. the broader powerboat industry.