Holley slips on Q2 sales miss, FY forecast cut
29/07/2022 14:18
** Automotive spare parts maker Holley Inc's shares HLLY.N
slide 22% to $9.87 premarket, set to open at a five-week low
** Co's Q2 sales miss estimates due to chip shortages and
other supply chain challenges; cuts FY forecast as co expects
these headwinds to continue through 2022 urn:newsml:reuters.com:*:nBw7J9154a
** HLLY set for worst day if losses hold
** JP Morgan downgrades to "neutral" from "overweight", cuts
PT to $9 from $14, representing a ~36% downside to median PT as
per Refinitiv data
** Jefferies slashes to "hold" from "buy", cites lack of
visibility into co's improvement strategy and risks of
distribution model
** Telsey Advisory Group cuts PT to $13 from $16
** 7 of 9 brokerages rate the stock "buy" or higher, 2
"hold"; median PT is $14 - Refinitiv IBES Data
** Up to Thursday's close, stock was down 2.5% YTD
(Reporting by Johann M Cherian in Bengaluru)
((yohann.mcherian@thomsonreutrs.com))