Vizio price target lowered to $10 from $15 at Wells Fargo

Wells Fargo lowered the firm’s price target on Vizio (VZIO) to $10 from $15 and keeps an Overweight rating on the shares. The firm says that like its recent Roku (ROKU) revision, it is trimming M&E spend at Vizio. Wells’ revenue estimates for Q3/Q4/2023/2024 are -9%/-4%/-4%/-7% vs. Street. While the firm likes the continued upside from Vizio’s Platform+ ARPU as it catches up to other CTV players, weakness in M&E, a tough macro for TV sales and a seeming lack of consolidation opportunities causes Wells to reset its valuation expectations.