Fox Factory Holding (FOXF) PT, Estimates Raised at Piper Jaffray

Piper Jaffray analyst Jonathan Berg reiterated an Overweight rating and boosted his price target on Fox Factory Holding (NASDAQ: FOXF) to $23.00 (from $21.00) following solid Q2 results.

Berg commented, "We are reiterating our Overweight rating and raising our PT to $23 (from $21) following Q2 results that again beat on both the top and bottom line. We remain excited about FOXF's opportunity for a strong topline in Q4 2016 and into 2017 with the main drivers of the acceleration being: (1) the return of Ford Raptor revenue; (2) entrance into the $1,500 to $2,000 mountain bike products segment with a front fork (known as the "Rhythm") and (3) the launch of the Toyota Tacoma TRD Pro business. Our new price target is based on 17x our 2017E EPS of $1.36 (up from $1.29). We have raised our multiple (from 16x) to account for faster EPS growth."

For an analyst ratings summary and ratings history on Fox Factory Holding click here. For more ratings news on Fox Factory Holding click here.

Shares of Fox Factory Holding closed at $18.89 yesterday.

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