Wedbush Securities Expects Turtle Beach Q4:14 Results To Reflect Negative Preannouncement

In a report published Thursday, Wedbush Securities analyst Michael Pachter reiterated an Outperform rating and $10.00 price target on

. In the report, Wedbush Securities noted, "On January 12, Turtle Beach preannounced that its FY:14 net sales were expected to come in at the low end of its guidance range of $185-195 million. Current-gen headset sales were hurt by faster-than-expected declines as users held off purchases, and discounting by competitors created headwinds. These negative impacts offset a strong response to new products and international growth. Management also mentioned West Coast port issues worsened as Q4 progressed. Prior guidance called for Q4 net headset sales of $91-101 million, adjusted EBITDA for the headset business of $19-21 million, and company adjusted EBITDA of $16-18 million." Turtle Beach closed on Wednesday at $2.30.