Sonos price target raised to $25 from $20 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Sonos to $25 from $20 and keeps a Buy rating on the shares. The firm notes Sonos reported strong Q1 results and is reiterating its full-year outlook. Sonos reported better-than-expected sales for the key holiday quarter, as the brand continues to take share in a declining market, with sales in North America down 1% year-over-year in Q1 despite significant year-over-year declines for the overall consumer electronics category in 2023, Craig-Hallum adds.