Horizon Global: A Bumpy Road Ahead

Since our initial buy recommendation, the stock is up +90% - time to review our investment thesis.
The best subsidiary was sold to slash debt.
While the European unit is on the right track, the Americas unit is struggling due to tariffs, pricing, and processes that need improvements.
New CEO, CFO, and COO. CEO has experience in turnarounds - exactly what we need right now.
Selling the gem while leaving the struggling units and slower recovery for the Americas unit lowers our target price to $6.30 from $10.40.
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