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Fly News Breaks for February 7, 2019
SONO
Feb 7, 2019 | 08:59 EDT
Stifel analyst Matthew Sheerin said Sonos management outlined several near-term issues, including weaker than expected sales late in the quarter, soft demand in Europe and the delayed launch of IKEA products with Sonos speakers. While the company maintained its FY19 targets for sales and EBITDA growth, he is cutting his estimates to the low end of the company's ranges due to lack of visibility and competition concerns. Sheerin lowered his price target on Sonos shares to $14 from $20 and keeps a Hold rating on the stock.
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