Holley upgraded to Buy from Hold at Jefferies

Jefferies upgraded Holley to Buy from Hold with a price target of $5, down from $8. The company’s Q3 report reflected continued tailwinds from past-due order reductions while improvements in product mix and freight cost resulted in EBITDA expansion, the analyst tells investors in a research note. The firm expects Holley’s sales and EBITDA to ramp in Q4 against easier compares and sees its enhanced focus on expanding product offerings to non-legacy markets reaching a wider customer base over the long term.