Needham & Company Downgrades iRobot Corporation (IRBT) to Hold; Upside to Estimates Appears Priced In
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Needham & Company downgraded iRobot Corporation (NASDAQ: IRBT) from Buy to Hold, saying upside appears priced in at current levels.
Analyst James Ricchiuti commented, "IRBT hosted its annual investor day late last week. With the recent strong momentum in the domestic business and in much of its key int'l markets, we were not particularly surprised by mgmt’s confident tone. The fundamentals underpinning IRBT’s home robot business, which now constitutes all of the business, have not been this healthy, in our view, in the last 10 years. We see several areas that could drive upside to numbers in Q4 and 2017. That said, with the stock near an all-time high and at the upper end of its historical valuation range and above our target price, the market appears to have discounted much of this potential good news. As a result, we are moving to Hold from Buy, recognizing that strong tailwinds could still provide further modest upside to the stock over the near term even at current levels."
Shares of iRobot Corporation closed at $53.30 yesterday.
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