Sonos (NASDAQ:SONO) shares gained over 17% in yesterday’s trading session on several positive developments. The company reported better-than-expected revenue for the fiscal fourth quarter and unveiled a new share repurchase authorization of $200 million. Furthermore, the company disclosed expectations to generate over $100 million from new product introductions in Fiscal 2024.
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Sonos is an audio technology company specializing in smart speakers and sound systems.
Following these developments, two analysts rated the stock a Buy, while two maintained a Hold on SONO stock. One of the neutral analysts is Jason Haas, CFA, from Bank of America Securities. Despite better-than-expected performance in fiscal Q4, Haas maintains a cautious stance due to a decline in consumer electronics spending and a long replacement cycle for home audio products.
Is Sono Stock a Good Buy?
On TipRanks, Sonos stock has a Moderate Buy consensus rating based on three Buys and two Holds. The average stock price target of $16.50 implies a 24.2% upside potential. The stock is down more than 21% so far in 2023.
