Investing.com -- Piper Sandler initiated coverage of SharkNinja with an Overweight rating and a $150 price target in a note on Wednesday, arguing that the product design and technology company's innovation pipeline and expanding advertising reach position it for sustained double-digit growth despite its already substantial scale.

Analyst Peter Keith said Piper Sandler sees "bull-case upside potential for annual sales growth of 15%+ and EPS growth of 20%+ over the coming 3 years," underpinned by a three-year sales CAGR of 20% and a three-year EPS CAGR of 30%. The $150 target is based on 21x 2027 estimated earnings.

Keith identified three emerging growth drivers beyond management's core pillars of category expansion and international growth.

Direct-to-consumer sales, currently around 10% of total revenue, are expected to ramp following the late 2025 launch of a consolidated website.

The Beauty category was flagged as a significant runway opportunity, spanning hair, skin, and adjacent areas, with margin-accretive characteristics.

Advertising was also highlighted, with SharkNinja having more than doubled its spend over the last three years through partnerships with major events and celebrity ambassadors, while social media followers surged 119% in 2025 to 3.9 million.

Piper Sandler noted that SharkNinja's "high-teens EBITDA margin profile generates healthy FCF," now being returned to shareholders through a $750 million share repurchase authorization.

International sales, representing roughly 35% of total revenue, were described as "still early in the growth trajectory," adding further optionality to the bull case.