Canaccord Genuity analyst Brian McNamara maintained a Buy rating on Holley (HLLY – Research Report) on March 3 and set a price target of $6.00.
Brian McNamara has given his Buy rating due to a combination of factors including Holley’s strategic initiatives and market trends. The company’s management has set expectations for a return to organic growth by the first quarter of 2025, driven by easier comparisons and internal initiatives showing promising results. This outlook was a positive surprise and suggests potential for future growth.
Furthermore, despite some uncertainty among dealers about the immediate future, consumer interest in Holley’s product category remains robust. New product offerings, such as off-road packages, have received positive feedback from dealers, indicating potential for increased sales. Additionally, positive macroeconomic factors, such as increased discretionary spending, support the company’s growth prospects. These elements collectively contribute to McNamara’s optimistic Buy rating for Holley’s stock.
In another report released yesterday, Telsey Advisory also maintained a Buy rating on the stock with a $4.50 price target.
Based on the recent corporate insider activity of 24 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of HLLY in relation to earlier this year.