Sonos Inc SONO is trading higher Monday after a U.S. International Trade Commission judge found Alphabet Inc GOOG GOOGL infringed on five of Sonos' patents in a preliminary ruling. The stock is also trading higher following an upgrade and price target increase from Jefferies.
The U.S. International Trade Commission's ruling is in regard to Sonos' patents concerning smart speakers and related technology. The judge's decision could lead to an import ban.
The ruling is subject to review by the full International Trade Commision and is scheduled for Dec. 13.
Jefferies analyst Brent Thill upgraded Sonos from Hold to Buy and raised the price target from $43 to $50.
Price Action: Sonos has traded as high as $44.72 and as low as $12.40 over a 52-week period.
At last check Monday, the stock was up 9.96% at $41.94.
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