Holley cut to Market Perform at Telsey ahead of ‘challenging’ 2023

As previously reported, Telsey Advisory analyst Joseph Feldman downgraded Holley to Market Perform from Outperform with a price target of $3, down from $5. Given the macro backdrop, falling demand and supply chain pressures, the firm sees 2023 to be "challenging," pointing to tough comparisons from last two years as post-pandemic demand surged and U.S. government stimulus provided a tailwind. Though the firm worries about an "unclear path for the company’s leadership team with the recent departure of the CEO," it is more optimistic in the long-term view for Holley.