Jefferies Remains Bullish as Fox Factory Holding (FOXF) Announces Recall; Viewed as Buying Opportunity
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Jefferies reiterated a Buy rating and $26.00 price target on Fox Factory Holding (NASDAQ: FOXF) following the company's announced a voluntary recall of all MY16 and certain MY17 FLOAT X2 rear bike shocks. Jefferies expects the stock to have a negative reaction to the recall. However, some would view this as a potential buying opportunity as the recall appears to be an isolated incident.
Analyst Trevor Young commented, "After market close this afternoon, Fox announced a voluntary recall of all MY16 and certain MY17 FLOAT X2 rear bike shocks due to a potential failure hazard. The recall was filed with the CPSC; the scope of the voluntary recall and remedial plan are not yet known. This appears to be an isolated incident and we view potential weakness tomorrow as an opportunity to buy the stock."
Shares of Fox Factory Holding closed at $22.52 yesterday.
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