ZAGG Incorporated (ZAGG) PT Raised to $7.75 at Ladenburg Thalmann Due to a Current Sales Rebound and Expected Cash Flows

Ladenburg Thalmann analyst Jon Hickman raised the price target on ZAGG Incorporated (NASDAQ: ZAGG) to $7.75 (from $6.00) while maintaining a Buy rating citing financial results, the gradual re-opening of economies after COVID-19, a current rebound in sales, and expected cash flows.

The analyst stated " ZAGG reported a surprisingly strong Q2 2020 with revenues of $77.1 million, down sequentially but well ahead of guidance and our estimate for $60 million. Revenues benefited from strong online sales and a more robust recovery from the pandemic lockdown than expected in late May and June. Additionally, the newer antibacterial and blue light blocking products are being well received by consumers. Gross margins were somewhat higher than expectations and operating expenses were in line with our model. The resulting GAAP net loss for the quarter improved sequentially, totaling $3.3 million and the adjusted EBITDA was breakeven for the quarter."

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