DA Davidson analyst Tom Forte lowered his price target on Turtle Beach to $23 from $26, saying that while its Q1 guidance and the pending acquisition of Roccat aimed to expand its product line were encouraging, its FY19 earnings outlook was disappointing. Excluding the $20M-$24M in revenue contribution from Roccat, the analyst sees the management's $220M-$224M outlook implying a 22%-24% decline, which is worse than his expected 10% slowdown and the initial consensus calling for a 15% slide. Forte is calling the outlook as overly conservative however and keeps his Buy rating on Turtle Beach given its "accelerating refresh cycle and more freemium title releases such as Apex Legends."