RumbleON downgraded to Neutral from Buy at B. Riley

B. Riley downgraded RumbleON (RMBL) to Neutral from Buy with an unchanged price target of $7. The firm says that with the shares up 70% since the Q3 report, and a lack of comfort in the powersports demand recovery timeline needed to look beyond 2025 estimates or raise the target multiple, it is moving to the sidelines. Riley has concerns around the potential demand recovery timeline for the recreational marine industry. It will look for improved powersports demand visibility or a more attractive entry point to again become positive on the shares.