Wedbush Upgrades Turtle Beach Ahead Of Earnings

Turtle Beach Corp’s HEAR second-quarter results indicate strong execution and its latest product releases appear highly competitive, according to Wedbush.

The Turtle Beach Analyst: Michael Pachter upgraded Turtle Beach from Neutral to Outperform while raising the price target from $21 to $25.

The Turtle Beach Thesis: “After the surge of Battle Royale drove substantial market growth while Turtle Beach captured market share in 2018, the company acquired ROCCAT to support its global growth and foray into PC gaming peripherals,” Pachter wrote in the note.

He added that Turtle Beach’s growth has continued to exceed expectations, driven by impressive execution and rapid market expansion.

Turtle Beach is scheduled to report its third-quarter results after the market close on Thursday. The analyst raised the revenue estimate from $85 million to $100 million, versus the consensus projection of $84 million. He also raised the earnings estimate for the quarter from 22 cents per share to 42 cents per share, compared to the consensus view of 19 cents per share.

HEAR Price Action: Shares of Turtle Beach rose by 6.2% to $19.14 on Monday.

Posted In: Michael PachterWedbushAnalyst ColorUpgradesPrice TargetAnalyst Ratings

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