Sonos (NASDAQ:SONO) news for Monday concerning talk of it being a target for acquisition by Apple (NASDAQ:AAPL) has SONO stock flying high.
The idea that Sonos could be acquired by Apple comes from Citron Research. In a recent Tweet, the research firm said that “this is the time” for AAPL to pick up the company. It points to the similarity of their products and brand as to why the two would fit so well together.
It’s worth pointing out that this wasn’t the only positive news Citron Research had for Sonos. The firm also includes a new price target of $30 per share for SONO stock. That’s 151.3% higher than the stock’s closing price of $11.94 per share on Friday.
Outside of the Apple acquisition suggestion, what other positives does Citron Research see in Sonos? Simply put, the company if performing excellently in the home smart speaker market. The firm notes that it’s beating out its rivals in the market, which includes Apple, Alphabet’s (NASDAQ:GOOGL,GOOG) Google and Amazon (NASDAQ:AMZN), TheStreet.com notes.
Another positive of Sonos is the company’s performance during the novel coronavirus pandemic. Its focus on home products means it likely hasn’t been negatively affected by the pandemic. In fact, Citron Research is expecting the company to “report a blowout quarter,” reports MarketWatch.
Another recent rumor claims that Sonos is preparing for a new stock offering. Nothing official has been announced yet, but a filing with the U.S. Securities and Exchange Commission could be on the way.
SONO stock was up 18.5% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.