UPDATE: Piper Jaffray Initiates Coverage on Fox Factory Holding on Multiple Positive Factors
In a report published Tuesday, Piper Jaffray analyst Sean P. Naughton initiated coverage on Fox Factory Holding Corp. (NASDAQ: FOXF) with an Overweight rating and $21.00 price target.
In the report, Piper Jaffray noted, “Fox's premium brand, leadership in the ride dynamics category and partnerships with top OEMs have enabled Fox to post strong revenue and earnings growth and we expect this trend to continue. Favorable industry trends, a commitment to innovation and many untapped markets give us confidence in the company's ability to meet or exceed its high-single to low-double digit revenue growth goal. When coupled with initiatives underway to potentially reach a high-teens operating margin, we are forecasting 20%-plus adjusted net income growth in 2014 and 2015 and expect mid-teens to 20% EPS growth over the longer-term. Our $21 price target is based on 18x CY15 EPS, a 20% premium to the peer group though we view it as reasonable given the earnings growth profile.”
Fox Factory Holding Corp. closed on Friday at $18.16.
Latest Ratings for FOXF
|Sep 2016||Jefferies||Initiates Coverage on||Buy|
|Aug 2016||SunTrust Robinson Humphrey||Maintains||Buy|
|Sep 2015||SunTrust Robinson Humphrey||Maintains||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.