Goldman Sachs initiated coverage of Corsair Gaming with a Neutral rating and $20 price target. The firm believes there is a $20B opportunity in 2023, which it expects to grow to $26B in 2027 for its legacy categories. Accounting for the new categories, Goldman sees an additional $59B market opportunity for the company. In the short-term, the firm sees the key stock debates centered around the growth trajectory normalizing as the company comes off of a period of high growth during the pandemic driven by favorable stay-at-home trends, demand trends in an uncertain economic environment, and mix shift towards high margin products.
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