Oppenheimer Reiterates Their Buy Rating on Turtle Beach Corp (HEAR)

By Jason Carr

In a report released today, Andrew Uerkwitz from Oppenheimer reiterated a Buy rating on Turtle Beach Corp (HEARResearch Report), with a price target of $24. The company’s shares closed yesterday at $10.81, close to its 52-week low of $10.15.

Uerkwitz said:

“Turtle Beach reported 1Q19 revenue/adjusted EBITDA of $44.8M/$4.3M, comparing to and our $42.9M/$3.2M(E). The company also reiterated its 2019 revenues and adjusted EBITDA guidance. Acquisition of ROCCAT is on track to close in 2Q19, which is expected to contribute $20M-$24M incremental sales and $10M-12M incremental opex in 2019. Due to uncertainty around order timing between quarters, HEAR shifted from guiding quarterly to 6-month outlook. Management continues to see healthy demand for gaming accessories due to ongoing shifts in video game industry. Longer term, addressable market expansion into PC accessories and a stronger device installed base provide management confidence to return to top line growth in 2020. Reiterate Outperform.”

According to TipRanks.com, Uerkwitz is a 5-star analyst with an average return of 18.3% and a 58.1% 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 $23 average price target, representing an 112.8% upside. In a report issued on May 1, D.A. Davidson also reiterated a Buy rating on the stock with a $23 price target.

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The company has a one-year high of $34.50 and a one-year low of $10.15. Currently, Turtle Beach Corp has an average volume of 1.09M.

Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is negative on the stock.

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Turtle Beach Corp. engages in the development, commercialization, and marketing of audio peripherals. It operates through the Headset and HyperSound business segments. The Headset segment offers gaming headset solutions for video game and entertainment consoles, personal computers, and mobile and tablet devices.