Turtle Beach (NASDAQ:HEAR) news for Wednesday includes an analyst initiating coverage pushing HEAR stock higher.
Stifel analyst Drew Crum is behind the positive Turtle Beach news today. He initiated coverage of the stock with a buy rating and a price target of $23.50. That lines up with other analysts, who have a consensus strong buy rating for HEAR stock and an average price target of $23.42.
To put the $23.50 per share price target into perspective, HEAR stock closed out trading on Tuesday at $17.30 per share. That means Crum’s price target is a 35.8% upside from the stock’s previous close.
So what exactly is behind the bullish stance on Turtle Beach stock? Crum believes that the company is going to see a surge of business in the coming months. He cites the next generation of video game consoles from Sony (NYSE:SNE) and Microsoft (NASDAQ:MSFT) about to hit shelves as the reason for this.
The Stifel analyst isn’t just hinging on the next-gen consoles as the reason for the bull take on HEAR stock. He also points to the peripherals company’s push into the PC market as a reason to expect strong results from the company, reports The Fly.
Crum also notes that Turtle Beach could face some comp issues over the next year. However, the analyst still believes that HEAR stock is worth the risk for investors wanting to reap the rewards.
HEAR stock was up 5.6% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.