There's been a notable change in appetite for Holley Inc. (NYSE:HLLY) shares in the week since its quarterly report, with the stock down 17% to US$2.97. Revenues were US$169m, approximately in line with whatthe analysts expected, although statutory earnings per share (EPS) crushed expectations, coming in at US$0.14, an impressive 56% ahead of estimates. This is an important time for investors, as they can track a company's performance in its report, look at what experts are forecasting for next year, and see if there has been any change to expectations for the business. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

Check out our latest analysis for Holley

Following last week's earnings report, Holley's ten analysts are forecasting 2024 revenues to be US$628.6m, approximately in line with the last 12 months. Per-share earnings are expected to bounce 25% to US$0.24. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$657.3m and earnings per share (EPS) of US$0.26 in 2024. The analysts are less bullish than they were before these results, given the reduced revenue forecasts and the small dip in earnings per share expectations.

It'll come as no surprise then, to learn that the analysts have cut their price target 9.6% to US$6.25. It could also be instructive to look at the range of analyst estimates, to evaluate how different the outlier opinions are from the mean. The most optimistic Holley analyst has a price target of US$12.00 per share, while the most pessimistic values it at US$3.50. With such a wide range in price targets, analysts are almost certainly betting on widely divergent outcomes in the underlying business. As a result it might not be a great idea to make decisions based on the consensus price target, which is after all just an average of this wide range of estimates.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Holley's past performance and to peers in the same industry. Over the past three years, revenues have declined around 1.5% annually. Worse, forecasts are essentially predicting the decline to accelerate, with the estimate for an annualised 3.6% decline in revenue until the end of 2024. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenue grow 9.6% per year. So it's pretty clear that, while it does have declining revenues, the analysts also expect Holley to suffer worse than the wider industry.