MarineMax is a smart pick for investors looking for beneficiaries of lower interest rates, according to Citi.
Analyst James Hardiman upgraded shares of the boat dealer to buy from neutral and upped his price target by $4, or 10%, to $44.
Key to Hardiman's upgrade is the idea that the stock can get a boost when the Federal Reserve cuts interest rates.
After holding interest rates steady at 5.25% to 5.50% for more than a year, the long-awaited first cut may come as soon as next week.
Shares briefly popped more than 7% in early Monday trading, a reprieve after a tough 2024, when MarineMax shares have tumbled more than 21%.
Persons:
James Hardiman, CME's, Hardiman
Organizations:
Citi, Federal Reserve