Fly News Breaks for February 13, 2020
Feb 13, 2020 | 09:01 EDT
Lake Street analyst Mark Argento lowered his price target for Turtle Beach to $12 from $17 after the company's preliminary Q4 results came in slightly below management's guidance and consensus estimates. It appears the holiday quarter was weaker than initially anticipated due to the atypical timing of next gen console announcements from Sony and Microsoft, Argento tells investors in a research note. With the new consoles coming in Q4, the analyst expects continued softness for console headsets in fiscal 2020 leading up to the launch, with a return to growth expected in fiscal 2021. However, Turtle Beach's PC business will grow meaningfully in fiscal 2020, which should offset some the expected console decline, contends Argento. The analyst maintains a Buy rating on the shares.
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