Roth MKM lowered the firm’s price target on Fox Factory (FOXF) to $36 from $45 and keeps a Neutral rating on the shares. The company reported lower-than-expected Q3 EPS and saw another meaningful cut to FY24 guidance, with soft economic conditions and elevated channel inventories continuing to weigh on the Bike business within the Specialty Sports Group segment and demand in the Powered Vehicles Group and Aftermarket Accessories Group segments having worsened, the analyst tells investors in a research note.
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Read More on FOXF:
- Fox Factory price target lowered to $38 from $45 at Baird
- Fox Factory Holding Corp. Announces Q3 Earnings and Strategic Initiatives
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- Fox Factory initiates action in AAG segment to improve margins, cut costs
- Fox Factory reports Q3 adjusted EPS 35c, consensus 42c
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