Fox Factory Holding (FOXF) PT Lowered to $45 at Stifel

Stifel analyst Jim Duffy lowered the price target on Fox Factory Holding (NASDAQ: FOXF) to $45.00 (from $56.00) while maintaining a Hold rating.

The analyst commented: "Checks and industry updates keep us cautious into the 1Q report. We remain comfortable with below consensus revenue estimates for both 1Q and the FY. While FY2H revenue inflection remains a rational expectation, we see risk to FY2Q estimates in two higher margin legacy businesses where checks/industry commentary suggest stubborn weakness; upfitting (AAG segment) and bicycles (organic SSG). We note, the outlook for sequentially improving trends across the year assumed lower interest rates which remain intangible. FY24 guidance could either be tempered or, if maintained, represent as more 2H weighted. We seek greater clarity on revenue reacceleration and profit improvement prospects into FY25 and remain comfortable with our HOLD rating. Our revised 12 mos. TP of $45 represents 9.0X the average of FY24E and FY25E EBITDA estimates."

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