Fox Factory price target lowered to $60 from $90 at Truist

Truist analyst Michael Swartz lowered the firm’s price target on Fox Factory to $60 from $90 but keeps a Buy rating on the shares. The company’s Q4 results and initial FY24 guidance were disappointing and the stock will likely be a “show-me story” for the next one or two quarters, though the core tenets of its business remain firmly intact and the 2024 outlook should prove conservative, the analyst tells investors in a research note. Truist adds that it sees risk/reward on Fox Factory as particularly attractive for long-term oriented holders.