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Fly News Breaks for October 4, 2019
Oct 4, 2019 | 05:08 EDT
Piper Jaffray analyst Troy Jensen lowered his price target for iRobot to $64 from $75 ahead of the company's Q3 results and reiterates a Neutral rating on the shares. 2019 has shaped up to be a "challenging year" for iRobot with increased tariffs resulting in higher average selling prices and now a "new, formidable competitor" in Shark at the higher end segment of the market, Jensen tells investors in a research note. While Q4 is typically a "slam dunk quarter" for the company, this year will be more challenging, adds the analyst. As such, Jensen prefers to take a "wait and see approach" with respect the stock.
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."