Universal Electronics downgraded to Neutral from Buy at B. Riley

B. Riley analyst Jeff Van Sinderen downgraded Universal Electronics to Neutral from Buy with a price target of $22, down from $29, following the Q4 miss. The company’s legacy home entertainment segment has substantially accelerated the pace of decline, thereby deferring the growing home automation, security and hospitality segment’s ability to begin to offset that decline, the analyst tells investors in a research note. The firm s thinks it time for Universal Electronics to begin exploring strategic alternatives.