Sonos price target lowered to $20 from $23.70 at BofA

BofA lowered the firm’s price target on Sonos to $20 from $23.70 and keeps a Buy rating on the shares. While stating that the firm is “encouraged” by Sonos’ earnings beat and guidance reiteration, BofA is taking a more conservative approach with estimates given macro uncertainty, greater promotions and an implied softening quarter-to-date.