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Fly News Breaks for June 25, 2018
BC, HZO
Jun 25, 2018 | 14:29 EDT
As previously reported, Craig-Hallum analyst Steve Dyer downgraded MarineMax (HZO) to Hold from Buy, stating that Brunswick's (BC) failed attempt to sell its Sea Ray division and decision in the wake of that failure to discontinue Sea Ray's yacht and sport yacht business presents "risk and uncertainty" for MarineMax. The company was "by far" Sea Ray's largest dealer network and Dyer estimates that roughly 10-15% of MarineMax's new boat sales were of Sea Ray yacht and sport yachts. While some of that can be offset with other yacht lines, Dyer is also unsure of Brunswick's commitment to the remainder of the Sea Ray line, he tells investors. Given the Sea Ray uncertainty, Dyer lowered his price target on MarineMax shares to $22 from $27.
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