UBS assumed coverage of Snap One with a Buy rating with a price target of $12, down from $14. The firm thinks FY23 organic growth declines have clouded investor perception of Snap One’s growth algorithm and estimates excluding the destock impact, Snap One would have posted +2.5% organic vs -8% including the impact, the analyst tells investors in a research note. The firm also believes the housing recovery can drive sales to accelerate to high single digits in fiscal 2025.
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