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Rumors of a potential Ford Motor Company (NYSE:F) Ranger Raptor prototype spread to the stock market on Wednesday morning.
After hearing the rumors, D.A. Davidson analyst Andrew Burns reiterated his Neutral rating and $34 price target on Fox Factory Holding Corp (NASDAQ:FOXF).
“In recent days, several auto news sources have posted articles and "spy photos" of a potential Ford Ranger Raptor. We believe this has been a contributing factor to today's stock move (+6%),” Burn said. “The leaked Ranger pictures began circulating on Monday, and appear to show a right-hand drive new-generation Ford Ranger with wider fenders, a shaved bumper similar to the F-150 Raptor, and beefier off-road tires.”
Burns also highlighted Fox Factory’s double-digit annual growth target.
“Given the success of the current Raptor, it is logical to think Ford is considering broadening the franchise. The re-launched Ranger would be a clear candidate for a Raptor line extension and we believe FOXF would have a high probability of being included on the new line.”
Thus, the Ranger could help catalyze annual growth.
While this is still a rumor, Burns noted the Ranger could be launched in 2019 and the Raptor version might just be part of an initial launch.
Fox Factory closed Thursday at $35.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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