UPDATE: B. Riley Downgrades Turtle Beach Corporation (HEAR) to Neutral
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(Updated - November 14, 2016 9:36 AM EST)
B. Riley downgraded Turtle Beach Corporation (NASDAQ: HEAR) from Buy to Neutral with a price target of $1.80. Analyst Eric Wold said he prefers a more attractive entry point following recent gains.
"After reporting Q3 results Thursday afternoon along with somewhat of a cautious near-term outlook from management, Turtle Beach Corp. (HEAR) shares surged in the final hours of Friday trading to close up 37% for the day and 8% above our $1.80 price target (which was lowered from $2.00 on Friday). With that move, shares have almost doubled since the end of August. Without any rationale to take our price target higher only one trading day after lowering it along with potential risk to near-term gaming headset sales/demand trends and our view that the timing of any incremental value creation from the HyperSound strategic review could be 12+ months out, we are taking advantage of the price move and moving to the sidelines until visibility improves and/or we are presented with a more attractive entry point," said Wold.
Shares of Turtle Beach Corporation closed at $1.94 yesterday.
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