- Raymond James analyst Joseph Altobello maintained an Outperform rating on the shares of Holley Inc (NYSE: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.
FAA Safety Review Delays United Airlines’ Two New Routes: Report
United Airlines (NASDAQ:UAL) delays route launches, Newark to Faro and Tokyo to Cebu, amidst FAA review, citing safety concerns. The Newark-Faro route now set for summer 2025, while the Tokyo-Cebu route moved to October 27. The adjustments follow recent safety incidents prompting heightened scrutiny on United's expansion plans.
