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D.A. Davidson remains bullish on Turtle Beach Corp. (NASDAQ:HEAR), which announced last week that it sold its 30 millionth gaming headset. — more than 12 million more than its largest competitor.
The Analyst
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D.A. Davidson’s Tom Forte reiterated a Buy rating on Turtle Beach with a $23 price target.
The Thesis
Turtle Beach doesn’t appear to resting on its laurels, even though it’s been No. 1 in the sector in revenue for nine straight years, Forte said in a Friday note.
The company has made what Forte called “significant additions” to its product line this year, broadening its range of available price options for headsets. It’s also acquiring ROCCAT, a German company that gives Turtle Beach more access to the PC peripheral accessories market more overseas customers, he said.
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“Further, we see the potential for its ASPs to rise in 2019 due to the influx of gamers that entered the market, which we believe will upgrade to a more expensive headset in 2019."
Guidance Conservative?
Turtle Beach issued what many saw as weak guidance earlier in March, but Forte said he views the headset maker's guidance as “ultra conservative” considering the popularity of battle royale multiplayer games, which require players to use headsets to hear other players — and the general overall popularity of gaming.
Price Action
Turtle Beach stock was trading down slightly at $11.35 at the time of publication Monday.
Related Links:
Sound And Fury Over Guidance, But Wedbush Says Turtle Beach Still In The Game
Turtle Beach Falls On Earnings Beat, Lower Guidance, ROCCAT Acquisition
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.