Fox Factory price target lowered to $38 from $45 at Jefferies

Jefferies lowered the firm’s price target on Fox Factory (FOXF) to $38 from $45 and keeps a Buy rating on the shares. Fox Factory’s adjusted EPS for Q4 was slightly above estimates as the addition of Marucci volumes and modest bike recovery helped offset persisting cyclical headwinds in the powered vehicles group, the analyst tells investors in a research note. The firm believes Q4 likely marks a margin trough as $25M in cost savings initiatives should help drive expansion in 2025.