Bank of America Securities analyst Alexander Perry has reiterated their neutral stance on FOXF stock, giving a Hold rating on May 9.
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Alexander Perry has given his Hold rating due to a combination of factors affecting Fox Factory Holding’s financial performance. The company’s first-quarter revenue exceeded expectations, driven by growth in the motorcycle segment and aftermarket products. However, this positive performance was offset by higher general and administrative expenses, leading to an earnings per share (EPS) that fell short of estimates.
Additionally, Perry adjusted the company’s EPS forecast downward to account for the impact of tariffs, which are expected to affect both the Powered Vehicle Group and the Aftermarket Applications Group. Despite some growth in specific segments, the overall market outlook remains challenging, particularly in retail and powered sports. Consequently, Perry lowered the price objective for Fox Factory Holding, maintaining a Neutral stance as the company navigates these mixed market conditions.
In another report released on May 9, B.Riley Financial also maintained a Hold rating on the stock with a $26.00 price target.