- 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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