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Fly News Breaks for July 3, 2019
IRBT, GLW, GPRO, LOGI
Jul 3, 2019 | 08:14 EDT
After surveying 75 retail and electronics stores in U.S. throughout June to inquire about promotions and sell-through, Citi analyst Asiya Merchant says spending trends are favorable for both Logitech (LOGI) and Corning (GLW) and unfavorable for GoPro (GPRO). Across categories, TVs stood out as the category most likely to be the top selling consumer electronics product and highest category to exceed sales expectations, while digital cameras are least likely to be a top seller and most likely to miss, Merchant tells investors in a research note. The analyst believes video gaming accessories trends are positive for Logitech while digital camera trends are negative for GoPro. The digital camera market is at historical lows, contends Merchant. The analyst keeps a Buy rating on Logitech shares with a $46 price target. She also lowered her price target for Neutral-rated iRobot (IRBT) to $95 from $100 to reflect the 25% tariff levied on robotic vacuums. Merchant adds that the survey yield "mixed" results for robotic vacuums.
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