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Morgan Stanley Cuts PT On Vivint Smart Home, Resideo Technologies

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  • Morgan Stanley analyst Erik Woodring lowered Vivint Smart Home Inc (NYSE: VVNT) and Resideo Technologies Inc (NYSE: REZI) price targets and maintained an Equal Weight rating on the shares as part of the downgrade of their IT Hardware industry view to Cautious.

  • Woodring lowered Vivint Smart Home price target to (implying an upside of 17%) from $14, and Resideo Technologies price target to (implying an upside of 30.9%) from $33.

  • Woodring mentions that the firm's U.S. Equity Strategy Team believes the market is in the later innings of a mid-cycle transition, and Hardware has been the worst-performing Tech group and underperformed the S&P by 11% over the past four months.

  • He further points to emerging cautious data points - including a decelerating CIO Hardware spending growth outlook in 2022, rising channel inventory, and recent overconsumption of PC and peripheral products - as a signal of an "impending" shift to late cycle, which should bring with it underperformance for the IT Hardware group.

  • Price Action: VVNT shares are trading lower by 8.66% at $8.54, while REZI is down by 3.38% at $23.75 on the last check Wednesday.

Latest Ratings for VVNT

Oct 2021

Morgan Stanley

Maintains

Equal-Weight

Aug 2021

Morgan Stanley

Maintains

Equal-Weight

May 2021

Morgan Stanley

Maintains

Equal-Weight

View More Analyst Ratings for VVNT
View the Latest Analyst Ratings

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