Vizio price target lowered to $13 from $15 at JPMorgan

JPMorgan analyst Cory Carpenter lowered the firm’s price target on Vizio to $13 from $15 and keeps an Overweight rating on the shares. The analyst reduced estimates to reflect heavier holiday promotions, but still expects the company’s Platform+ to come in-line with guidance in Q4. The firm expects TV prices to remain lower than previously modeled in 2023, and it also lowered its Platform+ growth estimate to 23% in 2023 from 26%. It thinks Vizio is starting to feel some impact from the weak advertising market but continues to project breakeven in 2024.