Jefferies Starts Fox Factory Holding (FOXF) at Buy
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Jefferies initiates coverage on Fox Factory Holding (NASDAQ: FOXF) with a Buy rating and a price target of $26.00.
Analyst Trevor Young commented, "FOXF (BUY, PT $26) is our top pick given its increasing penetration into powersports and automotive categories, a growing bicycle TAM and a +300bps EBITDA margin opportunity. Fox is a leader in premium bicycle suspension and is expanding its TAM by 50%+ by entering mid-market price points, plus new component categories. However we see automotive/ powersports as an even greater opportunity. Production shifts to dedicated factories, new ERP, and growing aftermarket mix should drive +200bps GM expansion in the coming years. We are +2% and +6% ahead of FY17 consensus revenue and adjusted EPS."
Shares of Fox Factory Holding closed at $22.13 yesterday.
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