Malibu Boats (MBUU) saw its stock price plummet by 5.14% during Friday's intraday trading session, following a significant price target reduction by B. Riley. The financial services firm lowered its price target on Malibu Boats to $30 from $33, while maintaining a Neutral rating on the shares.

The downward revision in the price target came after Malibu Boats' fiscal Q1 results, suggesting potential challenges in the company's near-term outlook. While the specific reasons for the target price cut were not detailed in the available news, such adjustments are typically based on factors like earnings performance, market conditions, or industry trends. The maintained Neutral rating indicates that B. Riley analysts believe the stock is likely to perform in line with the broader market over the next 12 months, despite the lowered expectations.