DA Davidson analyst Tom Forte kept his Buy rating and $23 price target on Turtle Beach after meeting with its CEO and CFO last week, saying the discussions increased his confidence that the company can "exploit the secular shifts in gaming" toward esports and the freemium model while generating "significant free cash flow". The analyst is also positive on the company's pending ROCCAT deal, which he expects to close in May, and "leverage both companies' relative geographic distribution strengths". Forte adds that the shift to freemium could be a catalyst for Turtle Beach in that gamers will have a larger budget to spend on gaming accessories by not having to pay for video games.