Oppenheimer Keeps a Buy Rating on Turtle Beach Corp (HEAR)

By Carrie Williams

In a report released today, Andrew Uerkwitz from Oppenheimer maintained a Buy rating on Turtle Beach Corp (HEARResearch Report), with a price target of $24. The company’s shares closed yesterday at $16.25.

Uerkwitz commented:

“Turtle Beach reported 4Q18 revenue/adjusted EBTIDA of $111.3M/$25M, at the high-end of the pre-announced ranges as of February 7th. The company also announced the acquisition of German-based PC peripheral maker ROCCAT. With ROCCAT’s expected sales contribution ($20-24M), 2019 revenue guidance is in- line with consensus; however, 1Q19 revenue guidance is especially strong, up Y/Y from 1Q18. Management takes a conservative stance for 2019, assuming fewer new headset buyers than in 2018. We continues to stay positive on HEAR: the ROCCAT acquisition gives the company a low risk entry into major new product categories while HEAR’s competition position in console headsets and management execution remain solid. Reiterate Outperform.”

According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 20.0% and a 58.4% success rate. Uerkwitz covers the Consumer Goods sector, focusing on stocks such as Axon Enterprise Inc, Universal Display, and Electronic Arts.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Turtle Beach Corp with a $29.50 average price target, representing an 81.5% upside. In a report issued on March 12, D.A. Davidson also maintained a Buy rating on the stock with a $26 price target.

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Turtle Beach Corp’s market cap is currently $231.2M and has a P/E ratio of 6.19. The company has a Price to Book ratio of 9.87.

Based on the recent corporate insider activity of 33 insiders, corporate insider sentiment is negative on the stock.

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Turtle Beach Corp. engages in the development, commercialization, and marketing of innovative products. It operates through the Headset, and HyperSound segments.