Stifel downgraded Fox Factory to Hold from Buy with a price target of $80, down from $114. The analyst says the Q3 shortfall and “sober” commentary on the core automotive business packaged with the $572M acquisition of Marucci are concerning. Marucci complicates the equity story, distracts focus and capital allocation from compelling global growth opportunities in automotive, and limits balance sheet flexibility, the analyst tells investors in a research note.
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Read More on FOXF:
- Fox Factory downgraded to Neutral from Buy at B. Riley
- Compass Diversified to sell Marucci Sports to Fox Factory for $572M
- Fox Factory cuts FY23 adjusted EPS view to $4.20-$4.45 from $5.00-$5.30
- Fox Factory sees Q4 EPS 75c-$1.00, consensus $1.10
- Fox Factory reports Q3 adjusted EPS $1.05, consensus $1.10