Benchmark has reiterated a Buy recommendation and a $35.00 price target on MarineMax (NYSE: HZO) as an activist investor mounts pressure on the boat retailer's management and board.
The activist, The Donerail Group, which holds approximately 4% of MarineMax shares, made public an open letter to shareholders that outlined a non-binding all-cash acquisition proposal of $35 per share. Donerail has signaled support from other institutional holders and urged shareholders to oppose the re-election of the company's CEO at the upcoming annual meeting.
In its public communications, Donerail recommended shareholders vote against the CEO's re-election as a director at the March 3, 2026, annual meeting. The investor argued that a failed re-election would signal diminished shareholder confidence and could accelerate a change in strategic direction for MarineMax.
Benchmark highlighted that the $35 all-cash proposal lines up with its own $35.00 price target and noted that the offer equated to roughly a 40% premium to MarineMax's 60-day volume-weighted average price at the time the proposal surfaced. That premium figure is consistent with the position Benchmark outlined when it reiterated its Buy rating.
Market pricing shows MarineMax shares trading around $29.34, roughly 18% below the $35 offer. Benchmark also referenced earlier market rumors that competitor OneWater Marine had been linked to a $40-per-share approach, although neither company publicly addressed those reports.
Separately, MarineMax confirmed receipt of the $35-per-share acquisition proposal from The Donerail Group. The company said the all-cash bid would value MarineMax at approximately $1.1 billion, excluding floor plan financing, and that the proposal represented a 38% premium over the company's 60-day volume-weighted average price.
The MarineMax board said it is evaluating the offer with the assistance of independent financial and legal advisors. The Donerail Group, which the confirmation described as owning over 4% of MarineMax shares, has expressed dissatisfaction with current management and repeated its request that shareholders oppose the reelection of CEO Brett McGill.
MarineMax responded by saying it has been actively engaging with Donerail, including holding in-person meetings and site visits, and that the board is thoroughly considering the acquisition interest. Those interactions indicate the company is taking the proposal seriously while following a process involving independent advisers.
InvestingPro data cited in commentary around the situation shows HZO has delivered a 32.22% price return over the past six months and trades at a Price/Book ratio of about 0.7. That metric sits alongside the observation that the stock is trading above its Fair Value, according to the same data set. For investors seeking deeper analysis, a comprehensive Pro Research Report for MarineMax and other U.S. equities is available on the InvestingPro platform.
The public back-and-forth between an activist shareholder pressing for a potential sale and a board conducting a formal review underscores both governance and valuation questions. The outcome of the board's review, any shareholder votes at the March 3, 2026 meeting, and the stance of other institutional holders will be key developments for investors to monitor as the situation unfolds.