B. Riley downgraded Fox Factory to Neutral from Buy with a price target of $80, down from $125. The analyst says the company’s demand visibility is challenged through the first half of 2024 after its updated 2023 outlook came in lower than expected. The firm believes investors may hesitate to fully underwrite a meaningful inflection in the business prior to 2025. It also finds the acquisition of Marucci “a surprising offshoot.” Riley sees limited upside catalysts on the near and medium term horizon, and would like to see an inflection in earnings momentum prior to shifting its stance back to the positive.
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