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Cavco Industries To See Stabilizing Backlog And Consistent Retail Demand, Says Analyst

Wedbush analyst Jay McCanless reiterated an Outperform rating on the shares of Cavco Industries, Inc. (NASDAQ: CVCO) and lowered the price target from $390 to $380.

The company reported a 21.7% decline in its second-quarter FY24 revenue to $452 million. EPS for the quarter was $4.76 compared to $8.25 last year.

Cavco's 17% y/y decline for Q2 shipments was 200 basis points lower than the industry change, says the analyst.

The relatively rapid rise in mortgage rates during September and October 2023 was a demand headwind and hence the analyst took a ...

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