Fly News Breaks for August 29, 2019
Aug 29, 2019 | 08:58 EDT
Sidoti analyst Frank Camma upgraded iRobot to Buy from Neutral and maintained an $83 price target saying valuation is "compelling. Camma believes tariff and competition concerns are overdone. He expects the company to produce some robotic vacuum cleaners in Malaysia by the end of the year, which should mitigate future tariff increases. Further, the analyst expects iRobot to face additional competition, but said the company spends aggressively on R&D, selling, and marketing, which will allow it to maintain its lead in the category.
News For IRBT From the Last 2 Days
Oct 16, 2019 | 06:54 EDT
JPMorgan analyst Mark Strouse lowered his price target for iRobot (IRBT) to $69 from $83 and keeps a Neutral rating on the shares ahead of the company's Q3 results. The analyst expects "some quarter-to-quarter noise" in the second half of 2019 related to timing of Amazon (AMZN) orders, which he notes are expected to be unseasonably tilted towards Q4 owing to tariffs. In addition, initial reviews for the competing high-end Shark RVC are mostly positive, which may lead to share loss for iRobot during the key holiday season, Strouse tells investors in a pre-earnings research note. While iRobot has sued Shark for patent infringement, the analyst does not expect a decision prior to year-end, "meaning that holiday sales may still be at risk."