SharkNinja, Inc.: Deceleration in US Scanner Sales Growth Justifies Hold Rating

Analyst Megan Alexander from Morgan Stanley maintained a Hold rating on SharkNinja, Inc. and increased the price target to $117.00 from $101.00.

Megan Alexander’s rating is based on the recent performance trends of SharkNinja, Inc.’s US scanner sales, which have shown a deceleration in growth. Despite a year-over-year increase of 13.7% in the latest two-week period, this is a slowdown from the previous 18.2% growth rate. The third-quarter-to-date sales are up 21% year-over-year, which is below the 23% trend observed two weeks prior, though still slightly above the 20% mark.
Additionally, while certain product categories like fryers, coffee makers, and carpet appliances have demonstrated strong year-over-year growth, the overall weekly two-year averages have declined compared to previous periods. This mixed performance, coupled with a modest increase in total distribution points and sales velocity, suggests a cautious outlook, justifying the Hold rating.