MarineMax initiated with a Buy at Benchmark

Benchmark analyst Michael Albanese initiated coverage of MarineMax with a Buy rating and $40 price target The premium recreational boat dealer and owner of a portfolio of marine assets is consolidating a fragmented dealer market, having spent about $1B since 2019 to acquire higher margin dealerships, the analyst tells investors. MarineMax has generated strong same store sales growth despite a difficult macro and industry-wide destocking as a share gainer, notes the analyst, who adds that its assets have “been of interest to both public/private market companies.”