Craig-Hallum bullish on Arlo Technologies, initiates with a Buy

As previously reported, Craig-Hallum analyst Anthony Stoss initiated coverage of Arlo Technologies with a Buy rating and $17 price target. The firm believes the company is a market leader in the DIY home security market, which has continued to grow in recent years over fear of crime and personal safety. Arlo offers both home security products and services, and Craig-Hallum thinks the company is positioned for material growth as its Services business segment grows to the majority of total revenues, likely by the end of 2024. Arlo has just passed the 2M paid subscriber mark, and the firm believes they will continue to increase subscriber count towards their goal of 10M.