SharkNinja initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of SharkNinja with an Outperform rating and $120 price target. The firm notes the company’s management team has executed quite well delivering consistent and well above expectation results in recent quarters, even in difficult U.S. consumer durables backdrop. Looking forward, Oppenheimer believes SharkNinja’s leading brand portfolio, track record of strong innovation, and differentiated marketing efforts can fuel further share gains over time. During the firm’s store checks in recent quarters, Oppenheimer continues to see a stepped up presence of SharkNinja products across U.S. retailers from BJ‘s (BJ) and Costco (COST) to Sephora (LVMUY) and Ulta Beauty (ULTA), which it thinks bodes well for the company’s long-term prospects.