Truist raised the firm’s price target on Fox Factory to $55 from $50 and keeps a Buy rating on the shares. The firm’s recent meeting with the company management as well as its incrementally positive data points provide “greater comfort” that the bike industry has likely bottomed and that its FY24 guidance should prove achievable, the analyst tells investors in a research note. Following a challenging 18-month stretch, Fox Facroty investment story and the stock could regain traction with investors in coming quarters, the firm added.
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