Fox Factory Holding Corp. (FOXF) shares are surging 14.71% in pre-market trading on Friday, following a positive analyst action from Truist Securities. The significant uptick comes as investors react to the improved outlook for the company.
Truist Securities has raised its price target on Fox Factory from $24 to $28, while maintaining a Buy rating on the stock. This adjustment represents a 16.67% increase in the firm's valuation of FOXF shares. The upgrade appears to have sparked renewed investor interest in the stock, driving the substantial pre-market gains.
According to FactSet, the broader analyst community also holds a favorable view of Fox Factory. 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 sentiment among investors. As the market prepares to open, all eyes will be on Fox Factory to see if it can maintain this momentum throughout the trading session.
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