Canaccord Genuity analyst Brian McNamara has maintained their bullish stance on HLLY stock, giving a Buy rating on March 12.
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Brian McNamara has given his Buy rating due to a combination of factors, primarily centered around Holley’s strategic turnaround efforts and the confidence of its management team. Recent investor meetings highlighted the company’s commitment to professionalizing its operations and fostering strong distributor relationships, which are crucial for its growth trajectory. The management’s proactive approach in addressing past challenges, particularly by enhancing distributor engagement and implementing a phase-gate system for product launches, has set the stage for a promising future.
Holley’s management has made significant strides in product development and rationalization, which are expected to drive growth. By eliminating underperforming SKUs and focusing on meaningful product launches, the company has streamlined its portfolio and increased its capital expenditure on new product development. This strategic focus is anticipated to yield positive results, with a projected return to growth in 2025. These factors collectively underpin McNamara’s confidence in Holley’s potential for substantial upside, leading to the reiteration of a Buy rating and a price target of $6.
In another report released on March 12, Telsey Advisory also maintained a Buy rating on the stock with a $4.50 price target.