Loading...
FOXF logo

Fox Factory Holding Corp.NasdaqGS:FOXF 주식 보고서

시가총액 US$673.5m
주가
US$16.36
US$22.5
27.3% 저평가 내재 할인율
1Y-32.7%
7D0.7%
포트폴리오 가치
보기

Fox Factory Holding Corp.

NasdaqGS:FOXF 주식 리포트

시가총액: US$673.5m

Fox Factory Holding (FOXF) 주식 개요

는 북미, 유럽, 아시아 및 전 세계에서 성능을 정의하는 제품 및 시스템을 설계, 엔지니어링, 제조 및 판매하는 회사입니다. 자세히 보기

FOXF 펀더멘털 분석
스노우플레이크 점수
가치 평가6/6
미래 성장3/6
과거 실적0/6
재무 건전성2/6
배당0/6

FOXF Community Fair Values

Create Narrative

See what 9 others think this stock is worth. Follow their fair value or set your own to get alerts.

Fox Factory Holding Corp. 경쟁사

가격 이력 및 성과

Fox Factory Holding 주가의 최고가, 최저가 및 변동 요약
과거 주가
현재 주가US$16.36
52주 최고가US$31.18
52주 최저가US$13.08
베타1.37
1개월 변동-6.94%
3개월 변동-14.75%
1년 변동-32.70%
3년 변동-82.61%
5년 변동-89.42%
IPO 이후 변동-12.09%

최근 뉴스 및 업데이트

내러티브 업데이트 May 19

FOXF: Higher Margin Outlook And Free Cash Flow Will Support Future Upside

Analysts have trimmed their fair value estimate for Fox Factory Holding to $26, down from $28, citing updated views on growth, profitability, and the appropriate future P/E multiple, as reflected in recent price target revisions around the $26 level. Analyst Commentary Recent research points to a mixed but engaged view on Fox Factory Holding, with analysts fine-tuning their price targets as they reassess valuation, execution, and the company’s potential to support a higher future P/E multiple.
내러티브 업데이트 May 01

FOXF: Board Transformation And Cost Focus Will Support Future Upside Potential

Analysts have trimmed their price target on Fox Factory Holding by $2 to $26, citing updated assumptions around fair value, discount rate, profit margin, and forward P/E expectations. Analyst Commentary Analysts are adjusting their views on Fox Factory Holding around a tighter valuation range, with recent research focusing on how updated assumptions affect fair value and P/E expectations.
내러티브 업데이트 Apr 16

FOXF: Cost Focus And Board Transformation Will Support Future Upside Potential

Analysts have slightly raised their price target on Fox Factory Holding to $26 from $25, reflecting updated assumptions around discount rates and forward P/E, while keeping core growth and margin expectations essentially unchanged. Analyst Commentary Recent research points to a slightly higher price target of $26, up from $25, with analysts broadly keeping their core assumptions around growth and margins intact.
Seeking Alpha Apr 06

Fox Factory: Still Offers A Nice Long-Term Ride Despite The Tough Road

Summary Fox Factory Holding Corp. remains a "Buy" despite recent share price underperformance and mixed financial results. Cost-cutting and asset sales are expected to drive EBITDA up to $174–$203 million in 2026, offsetting revenue declines. FOXF trades at attractive absolute and relative valuations, ranking among the cheapest peers on key multiples. Management’s focus on margin improvement and operational rationalization supports the investment thesis amid near-term revenue headwinds. Read the full article on Seeking Alpha

Recent updates

내러티브 업데이트 May 19

FOXF: Higher Margin Outlook And Free Cash Flow Will Support Future Upside

Analysts have trimmed their fair value estimate for Fox Factory Holding to $26, down from $28, citing updated views on growth, profitability, and the appropriate future P/E multiple, as reflected in recent price target revisions around the $26 level. Analyst Commentary Recent research points to a mixed but engaged view on Fox Factory Holding, with analysts fine-tuning their price targets as they reassess valuation, execution, and the company’s potential to support a higher future P/E multiple.
내러티브 업데이트 May 01

FOXF: Board Transformation And Cost Focus Will Support Future Upside Potential

Analysts have trimmed their price target on Fox Factory Holding by $2 to $26, citing updated assumptions around fair value, discount rate, profit margin, and forward P/E expectations. Analyst Commentary Analysts are adjusting their views on Fox Factory Holding around a tighter valuation range, with recent research focusing on how updated assumptions affect fair value and P/E expectations.
내러티브 업데이트 Apr 16

FOXF: Cost Focus And Board Transformation Will Support Future Upside Potential

Analysts have slightly raised their price target on Fox Factory Holding to $26 from $25, reflecting updated assumptions around discount rates and forward P/E, while keeping core growth and margin expectations essentially unchanged. Analyst Commentary Recent research points to a slightly higher price target of $26, up from $25, with analysts broadly keeping their core assumptions around growth and margins intact.
Seeking Alpha Apr 06

Fox Factory: Still Offers A Nice Long-Term Ride Despite The Tough Road

Summary Fox Factory Holding Corp. remains a "Buy" despite recent share price underperformance and mixed financial results. Cost-cutting and asset sales are expected to drive EBITDA up to $174–$203 million in 2026, offsetting revenue declines. FOXF trades at attractive absolute and relative valuations, ranking among the cheapest peers on key multiples. Management’s focus on margin improvement and operational rationalization supports the investment thesis amid near-term revenue headwinds. Read the full article on Seeking Alpha
내러티브 업데이트 Apr 02

FOXF: Cost Realignment And Board Refresh Will Drive Future Upside

Fox Factory Holding's updated analyst price target of $19, down from $25, reflects analysts' recalibrated views on slower revenue growth, lower margins, a higher discount rate, and a higher assumed future P/E multiple. Analyst Commentary Recent Street research shows a mixed but generally cautious stance toward Fox Factory Holding, with some price targets moving lower and commentary highlighting execution and growth risks in key segments.
내러티브 업데이트 Mar 18

FOXF: Cost Focus And Debt Reduction Will Support Future Upside Potential

Analysts have adjusted their price targets on Fox Factory within a relatively tight range, with moves such as Stifel's lift to $26 from $25 and Roth Capital's trim to $19 from $21. These changes reflect mixed views on weaker Bike and Marucci trends versus efforts to refocus on cost alignment, free cash flow, and debt reduction.
내러티브 업데이트 Mar 04

FOXF: Free Cash Flow Focus And Margin Gains Will Drive Future Upside

Analysts have modestly lifted their blended price target on Fox Factory to around $26, reflecting updated assumptions that combine slower modeled revenue growth with a higher projected profit margin and a slightly lower future P/E multiple. Analyst Commentary Recent research is sending mixed, but generally constructive, signals on Fox Factory Holding, with some firms trimming expectations while others see enough progress to support modestly higher valuation levels.
내러티브 업데이트 Feb 18

FOXF: Free Cash Flow And Debt Reduction Will Drive Future Upside

Analysts have trimmed their $21 price target on Fox Factory to $19, reflecting updated views on weaker Bike and Marucci trends, a stronger focus on free cash flow and debt paydown, and slightly adjusted assumptions for revenue growth, profit margins, discount rate and future P/E. Analyst Commentary Recent commentary points to a mixed setup for Fox Factory Holding, with softer Bike and Marucci trends on one side and a sharper focus on free cash flow and balance sheet health on the other.
내러티브 업데이트 Feb 04

FOXF: Cost Alignment And Free Cash Flow Focus Will Drive Long Term Upside

Analysts have lowered their price targets on Fox Factory to a range of about $19 to $21, reflecting concerns around softer Bike and Marucci demand, cost alignment efforts, and an emphasis on free cash flow and debt reduction. Analyst Commentary Bullish Takeaways Bullish analysts point to a continued contribution from the Powered Vehicles Group, where new motorcycle suspension offerings are cited as a source of support for revenue and execution.
내러티브 업데이트 Jan 21

FOXF: Cost Alignment And Free Cash Flow Priorities Will Support Future Upside

Analysts have trimmed their price targets on Fox Factory to a range of about $19 to $21, reflecting caution around Bike segment weakness and softer Marucci orders, partially balanced by efforts to align costs, support free cash flow, and manage debt. Analyst Commentary Recent research updates cluster around cautious views on execution and growth, with price targets moving to the high teens and Neutral ratings maintained.
내러티브 업데이트 Jan 07

FOXF: Powered Vehicles And Aftermarket Demand Will Support Future Upside

Narrative Update Analysts have trimmed their price targets on Fox Factory, with reductions such as Roth Capital moving from $21 to $19 and another firm shifting from $32 to $20, citing ongoing softness in Bike and Marucci, cost realignment efforts, and a focus on free cash flow and debt repayment. Analyst Commentary Recent research on Fox Factory highlights a mixed setup, with valuation and execution views shaped by weaker end markets in Bike and Marucci, tempered by areas of resilience in other segments and a sharper focus on cash generation.
내러티브 업데이트 Dec 21

FOXF: Margin Reset And Aftermarket Strength Will Drive Upside Opportunity

Analysts have cut their fair value estimate for Fox Factory Holding to $28 from $38, reflecting reduced expectations for revenue growth and profit margins amid softer Specialty Sports demand and cautious retailer inventory management. Analyst Commentary Despite the recent cut in fair value, bullish analysts see reasons to stay engaged with Fox Factory Holding, noting that the current reset in expectations could pave the way for improved execution and a cleaner setup into future cycles.
분석 기사 Dec 17

Subdued Growth No Barrier To Fox Factory Holding Corp. (NASDAQ:FOXF) With Shares Advancing 25%

Fox Factory Holding Corp. ( NASDAQ:FOXF ) shareholders are no doubt pleased to see that the share price has bounced 25...
분석 기사 Dec 17

We Think Fox Factory Holding (NASDAQ:FOXF) Is Taking Some Risk With Its Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
내러티브 업데이트 Dec 07

FOXF: Powered Vehicles Strength Will Support Future Upside Despite Guidance Reset

Analysts have reduced their average price target on Fox Factory Holding by roughly one third to the low $20s, citing weaker than expected Q3 earnings, a cut to FY25 guidance, and softening demand in the Specialty Sports Group as retailers rein in bike and Marucci inventory orders. Analyst Commentary Analysts see the latest results and guidance reset as a mixed signal for Fox Factory Holding, with near term execution risks offset by select pockets of resilience across the portfolio.
내러티브 업데이트 Nov 23

FOXF: Momentum In Powered Vehicles Group Will Drive Future Upside Potential

Analysts have lowered their price target for Fox Factory Holding significantly, from $28.14 to $22.86. They cite recent weakness in the Specialty Sports Group segment and a softer sales outlook as key factors.
내러티브 업데이트 Nov 08

FOXF: Future Segment Momentum Will Drive Recovery Amid Short-Term Headwinds

Analysts have reduced their price target for Fox Factory Holding from approximately $33 to $28.14. They cite weaker third-quarter results, lower guidance for fiscal year 2025, and ongoing softness in certain business segments, despite continued strength in others.
분석 기사 Sep 14

Some Confidence Is Lacking In Fox Factory Holding Corp.'s (NASDAQ:FOXF) P/S

It's not a stretch to say that Fox Factory Holding Corp.'s ( NASDAQ:FOXF ) price-to-sales (or "P/S") ratio of 0.8x...
내러티브 업데이트 Aug 08

Premium Product Launches And Global Expansion Will Secure Success

The recent increase in Fox Factory Holding’s consensus price target reflects improved revenue growth forecasts and a higher future P/E multiple, bringing the analyst price target up from $30.00 to $31.57. What's in the News Issued Q3 2025 net sales guidance of $370 million to $390 million and FY 2025 net sales guidance of $1.45 billion to $1.51 billion, factoring in year-to-date performance and tariff impacts.
분석 기사 Jul 16

Are Investors Undervaluing Fox Factory Holding Corp. (NASDAQ:FOXF) By 29%?

Key Insights Using the 2 Stage Free Cash Flow to Equity, Fox Factory Holding fair value estimate is US$37.63 Current...
분석 기사 May 31

At US$25.65, Is Fox Factory Holding Corp. (NASDAQ:FOXF) Worth Looking At Closely?

While Fox Factory Holding Corp. ( NASDAQ:FOXF ) might not have the largest market cap around , it received a lot of...
분석 기사 May 10

We Think Fox Factory Holding (NASDAQ:FOXF) Is Taking Some Risk With Its Debt

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
분석 기사 Apr 09

Some Fox Factory Holding Corp. (NASDAQ:FOXF) Shareholders Look For Exit As Shares Take 30% Pounding

Unfortunately for some shareholders, the Fox Factory Holding Corp. ( NASDAQ:FOXF ) share price has dived 30% in the...
분석 기사 Mar 07

Fox Factory Holding's (NASDAQ:FOXF) Shareholders Have More To Worry About Than Only Soft Earnings

Fox Factory Holding Corp.'s ( NASDAQ:FOXF ) stock showed strength, with investors undeterred by its weak earnings...
분석 기사 Feb 20

Risks To Shareholder Returns Are Elevated At These Prices For Fox Factory Holding Corp. (NASDAQ:FOXF)

There wouldn't be many who think Fox Factory Holding Corp.'s ( NASDAQ:FOXF ) price-to-sales (or "P/S") ratio of 0.8x is...
분석 기사 Feb 01

These 4 Measures Indicate That Fox Factory Holding (NASDAQ:FOXF) Is Using Debt Extensively

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
분석 기사 Jan 09

Should You Investigate Fox Factory Holding Corp. (NASDAQ:FOXF) At US$28.86?

Fox Factory Holding Corp. ( NASDAQ:FOXF ), might not be a large cap stock, but it saw significant share price movement...
Seeking Alpha Dec 25

Fox Factory: No Sign Of Recovery

Summary Fox Factory's 3Q24 revenue missed expectations, coming in at $359 million versus the anticipated $366.8 million, attributed to macroeconomic conditions and reduced OEM forecasts. Margins remain near historical lows due to low revenue impacting fixed cost absorption, despite slight QoQ revenue improvement and cost control measures. Record-high inventory levels relative to smaller revenues signal potential lower demand, raising concerns about future performance. Read the full article on Seeking Alpha
분석 기사 Nov 03

These Analysts Think Fox Factory Holding Corp.'s (NASDAQ:FOXF) Sales Are Under Threat

The latest analyst coverage could presage a bad day for Fox Factory Holding Corp. ( NASDAQ:FOXF ), with the analysts...
분석 기사 Oct 17

Fox Factory Holding Corp.'s (NASDAQ:FOXF) Share Price Could Signal Some Risk

When close to half the companies in the Auto Components industry in the United States have price-to-sales ratios (or...
분석 기사 Sep 29

Should You Investigate Fox Factory Holding Corp. (NASDAQ:FOXF) At US$41.81?

While Fox Factory Holding Corp. ( NASDAQ:FOXF ) might not have the largest market cap around , it saw a decent share...
User avatar
새로운 내러티브 Sep 24

Shifting To Aftermarket And Innovation Drives Growth And Stabilizes Revenue Streams

Shift towards aftermarket business and strategic acquisitions aim to diversify income sources and tap into new markets, potentially stabilizing and increasing future revenue.
분석 기사 Sep 11

Is Fox Factory Holding (NASDAQ:FOXF) Using Too Much Debt?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Seeking Alpha Aug 26

Fox Factory: Expected Outlook Downgrade, The Welcome Start Of Some Tough Management Actions

Summary Management's revised outlook paints a much more realistic picture for the second half and derisks the investment case. Changes in management and contraction of the manufacturing footprint are concrete examples of the tough decisions required to improve margin performance. The Marucci acquisition (fairly criticized by me and others at the time) seems to be performing above expectations, even in the current environment, and that should be recognized. The investment case can be justified under a conservative set of assumptions, but patience is warranted as the cyclical downturn might not yet be over. Read the full article on Seeking Alpha
분석 기사 Aug 09

We Think You Can Look Beyond Fox Factory Holding's (NASDAQ:FOXF) Lackluster Earnings

Fox Factory Holding Corp.'s ( NASDAQ:FOXF ) earnings announcement last week didn't impress shareholders. However, our...
Seeking Alpha Aug 07

Fox Factory: The Growth Isn't There

Summary Fox Factory is a multi-product company, mostly known for suspension products in the mountain bike business. Recent acquisitions have boosted growth, but the company faced headwinds in 2024, leading to lower guidance and a stock drop. Fox Factory's margin problem and increased debt from acquisitions are impacting profitability. Read the full article on Seeking Alpha
분석 기사 Jul 16

Some Confidence Is Lacking In Fox Factory Holding Corp.'s (NASDAQ:FOXF) P/E

Fox Factory Holding Corp.'s ( NASDAQ:FOXF ) price-to-earnings (or "P/E") ratio of 27.1x might make it look like a...
분석 기사 May 08

What Is Fox Factory Holding Corp.'s (NASDAQ:FOXF) Share Price Doing?

Fox Factory Holding Corp. ( NASDAQ:FOXF ), is not the largest company out there, but it saw a decent share price growth...
Seeking Alpha May 05

Fox Factory: Some Stability, At Lower Levels

Summary Fox Factory's woes continue as it faces lower earnings and offered a dismal outlook for 2024. The company designs and manufactures high-performance suspension products for various applications. Despite current challenges, long-term growth potential remains, with the company aiming for $2 billion in sales by 2025 as this could drive a spectacular recovery. Read the full article on Seeking Alpha
분석 기사 Apr 02

Getting In Cheap On Fox Factory Holding Corp. (NASDAQ:FOXF) Is Unlikely

There wouldn't be many who think Fox Factory Holding Corp.'s ( NASDAQ:FOXF ) price-to-earnings (or "P/E") ratio of...
Seeking Alpha Feb 08

Fox Factory: Wide Moat And Strong Margins In A Niche Industry

Summary Fox Factory’s revenue and EBITDA have grown at a CAGR of +19% during the last decade, with impressive consistency in its upward trajectory. FOXF has an extremely attractive business model, owing to its deep expertise, innovation, and relationships with leading OEMs. This positions the business for long-term success regardless of competition. The organic trajectory of the business, in conjunction with M&A and industry tailwinds, should ensure healthy growth in the coming years. FOXF is completely outperforming its peers, contributing to enhanced shareholder value. We attribute this to the company’s wide moat and growth strategy. FOXF’s valuation appears attractive as an entry point, falling below its historical average and trajectory. Read the full article on Seeking Alpha
분석 기사 Jan 25

Is Fox Factory Holding Corp. (NASDAQ:FOXF) Potentially Undervalued?

Fox Factory Holding Corp. ( NASDAQ:FOXF ), is not the largest company out there, but it saw a double-digit share price...
Seeking Alpha Jan 24

Fox Factory Holding: Temporary Pressures Have Created A Buying Opportunity

Summary Fox Factory Holding manufactures performance products for various vehicles and has a dominant presence in the US. FOXF's margins have come under pressure recently, but I view these pressures to be temporary. Along with margin pressures, the company announced an acquisition that resulted in a sell-off in the share price, creating a buying opportunity for long-term investors. Read the full article on Seeking Alpha
분석 기사 Jan 10

Here's Why Fox Factory Holding (NASDAQ:FOXF) Can Manage Its Debt Responsibly

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

주주 수익률

FOXFUS Auto ComponentsUS 시장
7D0.7%-4.2%-0.3%
1Y-32.7%8.7%26.7%

수익률 대 산업: FOXF은 지난 1년 동안 5.1%의 수익을 기록한 US Auto Components 산업보다 저조한 성과를 냈습니다.

수익률 대 시장: FOXF은 지난 1년 동안 23.3%를 기록한 US 시장보다 저조한 성과를 냈습니다.

주가 변동성

Is FOXF's price volatile compared to industry and market?
FOXF volatility
FOXF Average Weekly Movement7.4%
Auto Components Industry Average Movement6.5%
Market Average Movement7.2%
10% most volatile stocks in US Market16.2%
10% least volatile stocks in US Market3.2%

안정적인 주가: FOXF는 지난 3개월 동안 US 시장에 비해 주가 변동성이 크지 않았습니다.

시간에 따른 변동성: FOXF의 주간 변동성(7%)은 지난 1년 동안 안정적이었습니다.

회사 소개

설립직원 수CEO웹사이트
20073,700Mike Dennisonridefox.com

는 북미, 유럽, 아시아 및 전 세계에서 성능을 정의하는 제품 및 시스템을 설계, 엔지니어링, 제조 및 판매합니다. 이 회사는 파워드 비히클 그룹(PVG), 애프터마켓 애플리케이션 그룹(AAG), 스페셜티 스포츠 그룹(SSG) 부문을 통해 운영되고 있습니다. 이 회사는 오프로드 차량 및 트럭, 사이드 바이 사이드, 오프로드 기능 유무에 관계없이 온로드 차량, 전 지형 차량, 스노모빌, 특수 차량 및 애플리케이션, 오토바이용 동력 차량 제품, 2인치 볼트온 쇼크 및 위치 감지형 내부 바이패스 쇼크를 포함한 애프터마켓 트럭 서스펜션 부품, 서스펜션 시스템, 오토바이 쇼크, 포크, 쿠션 및 유압 부품을 제공합니다.

Fox Factory Holding Corp. 기초 지표 요약

Fox Factory Holding의 순이익과 매출은 시가총액과 어떻게 비교됩니까?
FOXF 기초 통계
시가총액US$673.49m
순이익 (TTM)-US$299.88m
매출 (TTM)US$1.48b
0.5x
주가매출비율(P/S)
-2.3x
주가수익비율(P/E)

FOXF는 고평가되어 있습니까?

공정 가치 및 평가 분석 보기

순이익 및 매출

최근 실적 보고서(TTM)의 주요 수익성 지표
FOXF 손익계산서 (TTM)
매출US$1.48b
매출원가US$1.04b
총이익US$439.96m
기타 비용US$739.84m
순이익-US$299.88m

최근 보고된 실적

Apr 03, 2026

다음 실적 발표일

해당 없음

주당순이익(EPS)-7.15
총이익률29.71%
순이익률-20.25%
부채/자본 비율104.5%

FOXF의 장기 실적은 어땠습니까?

과거 실적 및 비교 보기

기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2026/05/20 03:26
종가2026/05/20 00:00
수익2026/04/03
연간 수익2026/01/02

데이터 소스

당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.

패키지데이터기간미국 소스 예시 *
기업 재무제표10년
  • 손익계산서
  • 현금흐름표
  • 대차대조표
분석가 컨센서스 추정치+3년
  • 재무 예측
  • 분석가 목표주가
시장 가격30년
  • 주가
  • 배당, 분할 및 기타 조치
지분 구조10년
  • 주요 주주
  • 내부자 거래
경영진10년
  • 리더십 팀
  • 이사회
주요 개발10년
  • 회사 공시

* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.

별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.

분석 모델 및 스노우플레이크

이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드YouTube 튜토리얼도 제공합니다.

Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.

산업 및 섹터 지표

산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.

분석가 소스

Fox Factory Holding Corp.는 14명의 분석가가 다루고 있습니다. 이 중 6명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Craig KennisonBaird
Brennan MatthewsBerenberg
Andrew DidoraBofA Global Research