Stifel analyst Jim Duffy upgraded Fox Factory (FOXF) to Buy from Hold with a $40 price target The analyst notes that at current levels, the risk-reward on the stock is “favorable”, with potential for sentiment to shift positively in 2025 with improved sightlines to recovery in the high margin Bike business. Assuming EBITDA contribution from Bike recovery alone, shares currently trade at a “conservative” 9-times enterprise value to expected EBITDA multiple for the business as a whole, implying zero value assigned to Powered Vehicles Group and Aftermarket Applications Group segments profit improvement from 2024 levels, the firm tells investors in a research note.
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