Holley soars as brokerages upgrade stock rating
12/07/2023 15:12
** Shares of car parts maker Holley Inc HLLY.N rise 20.5%
to $5.3, highest in almost 10 months
** Brokerage BofA Global Research upgrades rating on stock
to "buy" from "neutral", increases price objective to $6 from
$3.25
** Recent cost cuts and new freight agreement should drive
stronger operating leverage compared to expectations - BofA
** Brokerage expects better sourcing for Holley's fuel
injection products — systems that optimize fuel consumption by
engines — will boost 2024 margins
** J.P.Morgan also raises Holley stock rating to
"overweight" from "neutral", with $7 price target
** 7 of 10 analysts rate stock "buy" or higher, 3 "hold";
median PT is $5.5 – Refinitiv
** Stock has more than doubled YTD
(Reporting by Sruthi Narasimha Chari in Bengaluru)
((Sruthinarasimha.chari@thomsonreuters.com))