Sonos price target raised to $12.50 from $12 at BofA

BofA raised the firm’s price target on Sonos to $12.50 from $12 and keeps a Neutral rating on the shares after revenue and EPS beat slightly in fiscal Q4 and Sonos provided its FY24 guidance. The firm is raising its FY24 and FY25 EPS forecasts by 7% each to reflect the full-year guidance, but remains cautious on the industry overall given the long replacement cycle of home theater and other big ticket audio products.