Canaccord Genuity Maintains a Buy on Holley (HLLY), Keeps the PT

Holley Inc. (NYSE:HLLY) is one of the Best Rising Penny Stocks to Buy According to Hedge Funds. On August 12, Canaccord Genuity analyst Brian McNamara maintained a Buy rating on Holley Inc. (NYSE:HLLY) with a price target of $6.

The analyst noted that he sees strong growth potential and stability for the company, driven by a return to solid industry growth. He added that this growth is fueled by rising vehicle sales and a passionate customer base. Moreover, McNamara also likes the company’s smart mergers and acquisitions strategy, which he believes strengthens its market position.

Canaccord Genuity Maintains a Buy on Holley (HLLY), Keeps the PT

Although the automotive aftermarket is fragmented, the strategic acquisitions of Holley Inc. (NYSE:HLLY) improve its foothold. The analyst noted that the company generates strong free cash flow, driven by its capital-light business model and attractive gross margins.

Holley Inc. (NYSE:HLLY) designs and manufactures high-performance automotive parts for vehicle enthusiasts. The company offers a wide range of products, including fuel systems, superchargers, exhausts, and engine tuners.

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Disclosure: None. This article is originally published at Insider Monkey.