SharkNinja (SN) PT Raised to $75 at Canaccord Genuity 'on higher estimates and an increased target multiple'

Canaccord Genuity analyst Brian McNamara raised the price target on SharkNinja (NYSE: SN) to $75.00 (from $68.00) while maintaining a Buy rating.

The analyst commented: 'We recently conducted a proprietary survey of 70 SN customer doors to assess product popularity, brand strength, and overall business trends ahead of Q1 results in May. Geographically diverse locations surveyed included 20 Ulta Beauty, 30 Walmart, and 20 Target locations. Products we focused on included the Shark SmoothStyle and FlexStyle Air as well as the Ninja Blast and Creami. We chose Ulta, covered by our colleague Susan Anderson, due to the company’s recent positive commentary on Shark Beauty over its last two earnings calls. We surveyed Walmart given that the retailer, along with Costco and Amazon, each accounted for >10% of net sales in 2023, together 44.7% (up from 42.9% in 2022). However, we found Walmart's commentary to be less helpful than Target's, as TGT's associates gave us a much better sense of SharkNinja’s recent product performance. We raise our estimates across the board to reflect the findings from our checks and social media analysis. We reiterate our BUY rating and raise our price target to $75 (from $68) on higher estimates and an increased target multiple (14x vs. 13x prior). '

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