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HEAR

Turtle Beach

$18.08

0.83 (4.81%)

, GME

GameStop

$14.66

-0.17 (-1.15%)

08:54
10/12/18
10/12
08:54
10/12/18
08:54

Turtle Beach valuation now 'especially attractive', says DA Davidson

DA Davidson analyst Tom Forte kept his Buy rating and $38 price target on Turtle Beach (HEAR), saying the current valuation on the stock at 12.9-times free cash flow yield based on his expected 2020 forecasts makes the shares "especially attractive". The analyst notes that the company's Q3 pre-announcement affirmed his view of Turtle Beach being "incredibly well positioned to leverage the continued success of the battle royale gaming format", while commentary from Epic Games, NPD, and GameStop (GME) has also indicated that Fortnite demand remains very strong.

HEAR

Turtle Beach

$18.08

0.83 (4.81%)

GME

GameStop

$14.66

-0.17 (-1.15%)

  • 18

    Oct

HEAR Turtle Beach
$18.08

0.83 (4.81%)

08/07/18
LSCM
08/07/18
NO CHANGE
Target $40
LSCM
Buy
Turtle Beach price target raised to $40 from $15 at Lake Street
Lake Street analyst Mark Argento significantly raised his price target for Turtle Beach to $40 from $15 following the company's "massive" Q2 results. The large Q2 beat and "huge" Q3 guidance set up an increase in full-year guidance, Argento tells investors in a post-earnings research note. He believes Turtle Beach's new guidance "contemplates modest Q4 expectations, an area for potential upside over the holiday season." The continued growth in gaming headset sales, driven by Battle Royale games including Fortnite, is "nothing short of amazing," writes the analyst. Argento reiterates a Buy rating on Turtle Beach. The stock in premarket trading is up 8%, or $2.54, to $32.89.
08/28/18
DADA
08/28/18
NO CHANGE
Target $38
DADA
Buy
Turtle Beach not seeing a slowdown in headset growth, says DA Davidson
DA Davidson analyst Tom Forte kept his Buy rating and $38 price target on Turtle Beach after his investor meetings with the company CEO and CFO. The analyst notes that the discussions have increased his confidence in the management's ability to "exploit the secular shifts in gaming", make additional balance sheet improvements, expand into new markets such as PC headsets, and broaden its international exposure to markets like China. Forte adds that his bullish stance on Turtle Beach is driven by the "secular shift with the emergence of the battle royale format in gaming", with the success of Fortnite video-game being "only part of a trend and not THE trend."
09/19/18
LSCM
09/19/18
NO CHANGE
Target $40
LSCM
Buy
Turtle Beach 45% pullback a buying opportunity, says Lake Street
Recent concerns over new Battle Royale introductions from the Call of Duty and Battlefield franchises impacting Fortnite/PUBG, and in turn accessory sales, are overblown and counterintuitive, Lake Street analyst Mark Argento tells investors in a research note. More game players equals more hardware sales, which means more headset sales, Argento contends. The analyst points out that Turtle Beach is game title agnostic. He views the August NPD video games sales data as strong and keeps a Buy rating on Turtle Beach with a $40 price target. Argento recommends using the recent 45% selloff in the shares as a buying opportunity.
10/11/18
LSCM
10/11/18
NO CHANGE
Target $40
LSCM
Buy
Lake Street reiterates $40 target on Turtle Beach after preannounced Q3 upside
Lake Street analyst Mark Argento reiterates a Buy rating on Turtle Beach with a $40 price target after the company announced preliminary Q3 results "significantly ahead" of both his and consensus estimates. The rise of the Battle Royale genre continues to drive increased demand for gaming headsets, Argento tells investors in a research note. Turtle Beach stated it will increase fiscal 2018 guidance by at least as much as the Q3 beat, which gives the analyst confidence that the company isn't pulling revenues from Q4 to drive the beat. He believes upside to Q4 numbers could "significantly exceed" his estimates as the "underlying trends remain strong." With the stock down 42% from its highs, Turtle Beach's earnings power is misunderstood, contends Argento. He would be buyer of the stock. Turtle Beach in morning trading is up $1.31 to $18.51
GME GameStop
$14.66

-0.17 (-1.15%)

09/06/18
LOOP
09/06/18
NO CHANGE
Target $14
LOOP
Hold
GameStop Q2 disappointed on declining operating margins, says Loop Capital
Loop Capital analyst Anthony Chukumba kept his Hold rating and $14 price target on GameStop after its Q2 results, saying revenues were below his expectations and comps decline of 0.5% was worse than his expected flat print. The analyst also points to an operating margin decline of 90bps , adding that sales of software, digital, tech brands, and pre-owned merchandise all fell. Chukumba states that he was particularly concerned with continued sales weakness in new video game software and pre-owned and value products, and speculation around private equity interest may eventually become "moot".
09/07/18
WEDB
09/07/18
NO CHANGE
Target $19
WEDB
Outperform
GameStop's demise 'not as imminent as many expect,' says Wedbush
Wedbush analyst Michael Pachter reiterated an Outperform rating and $19 price target on GameStop following the company's Q2 results, telling investors in a research note that he expects shares to trade at a compressed EPS multiple until the company can slow the rate of decline in its core video game business. However, Pachter contends that GameStop will benefit from a strong release slate ahead of the holidays, and that while it is likely going to see sales continue to decline for the foreseeable future, its demise is "not as imminent as many expect" as GameStop appears positioned to manage its store footprint to preserve profitability and cash flow. Regarding its strategic alternatives process, Pachter says he believes the company is "too expensive" for many private equity firms, though it is possible that a buyer could grow free cash flow by cutting opex by $100M or so annually.
09/10/18
LOOP
09/10/18
NO CHANGE
Target $16
LOOP
Hold
GameStop price target raised to $16 from $14 at Loop Capital
Loop Capital analyst Anthony Chukumba raised his price target on GameStop to $16 and kept his Hold rating. The analyst notes that while the latest worse-than-expected quarter offered no incremental positives fundamentally, his new price target reflects the increasing possibility that the company will be acquired. Chukumba adds that he is "somewhat encouraged" by the management's maintained FY18 guidance.
10/03/18
BOFA
10/03/18
NO CHANGE
Target $10
BOFA
Underperform
Walmart merchandise news negative for GameStop, says BofA/Merrill
BofA/Merrill analyst Curtis Nagle notes that Walmart (WMT) announced that it is rolling out a dedicated section of pop culture merchandise to over 3,500 stores starting the week of October 15th, which will include an exclusive relationship with Loot Crate and merchandise from Funko (FNKO), McFarlane Toys and CultureFly. This follows a successful partnership with Target (TGT) and Funko last Holiday, he adds. The analyst views this as a negative for GameStop (GME) given that collectibles are the only category that is consistently growing for the company. Furthermore, Nagle was already concerned over how much collectibles distribution could move into mass channels, as collectibles already show signs of deceleration. Nagle reiterates an Underperform rating and $10 price target on GameStop shares.

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