|Bid||15.75 x 800|
|Ask||0.00 x 3200|
|Day's Range||14.70 - 15.90|
|52 Week Range||6.58 - 17.83|
|Beta (5Y Monthly)||1.56|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 18, 2020 - Nov 23, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||16.36|
Sonos stock was up more than 5% after getting upgraded at Bank of America. The upgrade had little to do with Apple.
Sonos is expected to top analyst estimates when it reports results, a Bank of America analyst said in upgrading the stock to buy.
The recent pressure on Sonos Inc's (NASDAQ: SONO) stock that followed Apple Inc's (NASDAQ: AAPL) decision to remove third-party speakers from its website seems to be overdone, according to BofA Securities.The Sonos Analyst: John Babcock upgraded Sonos from Neutral to Buy and raised the price target from $17.50 to $18. The Sonos Thesis: The company has been witnessing encouraging demand trends and seems poised to generate revenues at the higher end or above the guidance for the fiscal fourth quarter, Babcock said in a Thursday upgrade note. Although revenue generation was muted in the fiscal second and third quarters, mainly due to inventory rebalancing, retail store closures and supply chain restraints, Sonos could report a strong quarter driven by persistent strength in the home-related categories, the analyst said. "Spending on home-related categories (including home improvement, furniture & home goods, consumer electronics (CE) & hobby retailers and bedding) has remained quite strong and was up 27% y/y in the week ending October 3 with 17.6% y/y growth for CE & hobby spending," he said."SONO also continues to have several products on backorder including its Arc and Sub products that were just launched in June, suggesting still strong demand even as backlogs are off peak levels." SONO Price Action: Shares of Sonos were up 3.81% at $14.84 at last check Thursday. Photo courtesy of Sonos. Latest Ratings for SONO DateFirmActionFromTo Oct 2020B of A SecuritiesUpgradesNeutralBuy Aug 2020StifelMaintainsHold Aug 2020Morgan StanleyMaintainsOverweight View More Analyst Ratings for SONO View the Latest Analyst Ratings See more from Benzinga * Options Trades For This Crazy Market: Get Benzinga Options to Follow High-Conviction Trade Ideas * BofA Cuts Citigroup Target Despite Strong Q3 Print * Why This AutoZone Analyst Is Turning Bullish(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.