Turtle Beach Corporation (HEAR) PT Raised to $35 at Oppenheimer

Oppenheimer raised its price target on Turtle Beach Corporation (NASDAQ: HEAR) to $35.00 (from $31.00) while maintaining an Outperform rating.

Analyst Andrew Uerkwitz commented, "Turtle Beach reported 2Q18 revenues/EBITDA of $61M/$9.8M, better than consensus of $48M/$3.1M(E) and our $48M/$3.2M(E). The strong sales performance in 2Q (up 218%) was driven by accelerating sell-through and moderate share gain. Management again attributed the outperformance to new demand created by battle royale games such as PUBG and Fortnite. Although it remains to be seen if sell-through momentum can sustain after the coming holiday season, HEAR has already gone through a meaningful transformation with a healthier balance sheet and an expanded installed headset base, both setting up the company well for long-term investments and growth. We raise our FY18 estimates and price target to $35 (was $31)."

You May Also Be Interested In

• Incyte (INCY) PT Raised to $105 at Truist Securities
• Qualcomm (QCOM) PT Raised to $195 at BofA Securities
• Freedom Capital Starts Flutter Entertainment (FLUT) at Hold