iRobot checks suggest 'exceptionally strong quarter,' says Piper Jaffray
Piper Jaffray analyst Troy Jensen says his channel checks throughout the holiday season indicate the robotic vacuum market is experiencing "exceptionally strong demand" and that iRobot likely exceeded consensus expectations in Q4. Throughout the month of December, out-of-stock retailers increased to extremely high levels while pricing increased on Amazon's website, Jensen tells investors in a research note. He believes the data point to an "exceptionally strong quarter" for iRobot. The analyst, however, reiterates a Neutral rating on the shares with a $69 price target. He still has concerns that competition from Shark and others could eat into iRobot's share and margins, but admits this likely won't be an issue "anytime soon."