Vizio price target lowered to $10 from $12 at Craig-Hallum

Craig-Hallum analyst Jason Kreyer lowered the firm’s price target on Vizio to $10 from $12 and keeps a Buy rating on the shares. The firm remains “encouraged” by the company’s ability to execute well in key segments of the market, while noting “some tea leaves are indicating TV pricing pressure could subside come early 2024.” In the meantime, Craig-Hallum is making modest downward revisions to its hardware estimates given continued headwinds to consumer spending, but has made no meaningful changes to Platform+ expectations. The firm views Vizio shares as oversold, though it lacks a near-term catalyst for a reversal of current trends, and points to the potential for a loosening of pricing pressures in early 2024.