Sonos price target lowered to $17 from $19 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Sonos to $17 from $19 and keeps an Equal Weight rating on the shares. Sonos “slightly missed” with fiscal Q4 revenue and guided FY24 revenue and EBITDA 6% and 16%, respectively, below the firm’s forecasts, driven by weak audio demand. The near-term outlook remains challenged, but a new category launch in the second half of FY24 could “potentially reinvigorate bulls,” the analyst tells investors.