Piper Jaffray analyst Jonathan Berg reiterated an Overweight rating and boosted his price target on Fox Factory Holding (NASDAQ: FOXF) to $23.00 (from $21.00) following solid Q2 results.

Berg commented, "We are reiterating our Overweight rating and raising our PT to $23 (from $21) following Q2 results that again beat on both the top and bottom line. We remain excited about FOXF's opportunity for a strong topline in Q4 2016 and into 2017 with the main drivers of the acceleration being: (1) the return of Ford Raptor revenue; (2) entrance into the $1,500 to $2,000 mountain bike products segment with a front fork (known as the "Rhythm") and (3) the launch of the Toyota Tacoma TRD Pro business. Our new price target is based on 17x our 2017E EPS of $1.36 (up from $1.29). We have raised our multiple (from 16x) to account for faster EPS growth."

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Shares of Fox Factory Holding closed at $18.89 yesterday.