MCFT - MasterCraft gains after Stifel says it can sail past economic downturn

Stifel started off coverage on MasterCraft Boat Holdings ( NASDAQ: MCFT ) with a Buy rating.

The firm said it positive in its outlook for the U.S. boating industry over the longer-term and believes the market is better equipped to endure a recession for the near and intermediate-term.

Analyst Drew Crum said growth for MCFT is expected to slow, but strong MasterCraft brands and competitive positions in fast-growing categories segments such as ski/wake and pontoon provide upside.

"At just 4.2x FY2023E AEBITDA, we believe valuations are too cheap to ignore, and hence we recommend purchase of the shares."

Stifel assigned a price objective of $35 to MCFT.

Shares of MCFT moved up 1.47% premarket to $26.95.

See all the valuation metrics on MasterCraft.

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