UPDATE: Lazydays Holdings (LAZY) PT Lowered to $27 at Craig-Hallum

Craig-Hallum analyst Steven Dyer lowered the price target on Lazydays Holdings (NASDAQ: LAZY) to $27.00 (from $33.00) while maintaining a Buy rating.

The analyst comments "We believe that LAZY is enjoying a multi-year growth period through the consolidation of the highly fragmented RV dealer market. With a robust pipeline of acquisition candidates, we expect the company will continue in its consolidation strategy (public/private financial arbitrage buying at 3-4x EBITDA), as well as ramping up its higher-ROI greenfield expansion strategy. We believe this can drive significant shareholder value. The company has received a non-binding takeprivate offer from B. Riley Financial at $25/share, which we believe will be well-received by holders. As such, we are reiterating our BUY rating but lowering our price target to $25 from $27, to reflect the non-binding offer price which equates to a 5x EV/EBITDA multiple on our 2023 EBITDA estimate. Our EBITDA estimate includes finance lease costs of ~$6M, and our price target includes dilution from stock units, warrants and preferred stock."

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