Shares of Fox Factory Holding Corp. (FOXF) are skyrocketing 15.39% in pre-market trading on Friday, following a significant upgrade from Truist Securities. The surge comes as investors react positively to the improved outlook for the company.
Truist Securities has raised its price target on Fox Factory from $24 to $28, representing a 16.67% increase, while maintaining a Buy rating on the stock. This adjustment appears to have sparked renewed investor interest, driving the substantial pre-market gains. The upgrade suggests that Truist Securities sees potential for further growth in Fox Factory's business.
Adding to the bullish sentiment, the broader analyst community also holds a favorable view of Fox Factory. According to FactSet, the average rating for FOXF is overweight, with a mean price target of $31.50. This consensus indicates that analysts generally expect further upside potential for the stock, which may be contributing to the positive momentum. As the market prepares to open, investors will be watching closely to see if Fox Factory can maintain this impressive rally throughout the trading session.
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