The Wall Street bank upgraded shares of MarineMax to buy from neutral.
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. Hardiman's new target suggests MarineMax can surge nearly 52% compared to Friday's close. Key to Hardiman's upgrade is the idea that the stock can get a boost when the Federal Reserve cuts interest rates.
Fed funds futures traders are unanimous in anticipating policy will ease at the end of the two-day central bank meeting next week, according to CME's FedWatch tool. The only divergence on Wall Street is whether borrowing costs will ease a quarter or a half of one percentage point. Beyond that, Citi pointed to the monetization opportunities within marina real estate as another cause for optimism.
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