Turtle Beach price target lowered to $16 from $18 at Roth MKM

Roth MKM analyst Sean McGowan lowered the firm’s price target on Turtle Beach to $16 from $18 but keeps a Buy rating on the shares. The company’s Q4 results and FY23 guidance were weaker than expected, with factors weighing on sales and margins persisting longer than anticipated even though they are "directionally improving", the analyst tells investors in a research note. The firm adds however that it continues to expect retailers to be more willing to take product as demand for accessories rises, driven by strong software and console hardware sales.