Holley's Disappointing Preliminary Q2 Results Trigger 29% Price Target Cut By This Analyst

Raymond James analyst Joseph Altobello maintained an Outperform rating on the shares of Holley Inc HLLY but lowered the price target to $10 (50% upside) from $14.
The analyst said the company released a disappointing preliminary Q2 result caused by semiconductor shortages and other supply chain issues that impacted shipments.
Reduction of inventory by resellers is also a cause for concern, Altobello added.
With the supply chain headwinds worsening and expected to persist throughout this year, the company lowered its FY22 outlook.
Alobello's rating affirmation reflects his view that Holley has a strong positioning as the leader in the attractive and defensive U.S. performance automotive aftermarket products industry.
Price Action: HLLY shares are trading lower by 17% at $6.64 on the last check Monday.

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