MarineMax upgraded to Buy from Neutral at Citi

Citi upgraded MarineMax to Buy from Neutral with a price target of $44, up from $40. The firm says MarineMax is a “a strong play on the Fed pivot,” as boat affordability has been hit hard by the higher for longer interest rate environment and stands to “benefit mightily in a soft-landing scenario.” In addition, the company’s opportunity to monetize marina real estate “is as imminent as it has ever been,” and despite management’s historical hesitation to do so, pressure will only grow if the traditional and fundamental paths to upside proves distant or unlikely, the analyst tells investors in a research note. Citi now believes the “story embodies both substantial upside and limited downside, and is worth a second look for investors.”