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Turtle Beach 14% after solid Q3 as Oppenheimer slashes target

Published 11/07/2018, 10:24 AM
© Reuters.  Turtle Beach 14% after solid Q3 as Oppenheimer slashes target
HEAR
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  • Turtle Beach (NASDAQ:HEAR) is 14% lower today after an earnings beat that has Oppenheimer seeing the top.
  • The company raised guidance after profits came in ahead of consensus on revenues that more than doubled.
  • But Oppenheimer has now slashed its price target to $24 from $35 with analyst Andrew Uerkwitz expecting an inevitable sales drop after "extraordinary growth" in 2018. Turtle Beach continues to "maintain a dominant market share and outgrow the console headset market,” thanks to battle royale games; he maintains a Buy-equivalent rating. (h/t Bloomberg)
  • But with today's tumble, Oppenheimer's $24 target now represents 28% upside.
  • Earnings call slides
  • Earnings call transcript
  • Now read: Best Performing Stocks YTD 2018


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