Analyst Brian McNamara from Canaccord Genuity maintained a Buy rating on SharkNinja, Inc. (SN – Research Report) and increased the price target to $136.00 from $129.00.
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Brian McNamara’s rating is based on SharkNinja’s impressive financial performance and strategic outlook. The company reported an outstanding quarter with adjusted sales surpassing both Canaccord Genuity and market expectations by approximately 10%. Additionally, SharkNinja exceeded profitability estimates, with adjusted gross profit and EPS outperforming the Street by roughly 12% and 10%, respectively.
Furthermore, the company’s guidance aligns with expectations, suggesting a strong growth trajectory. Despite a significant 32% top-line growth in the previous year, the guidance for the future remains promising, indicating potential room for upside. The focus on strategic investments, particularly in marketing and supply chain diversification, as well as transitioning sales models in markets like Mexico and the U.K., underscores the company’s robust growth strategy. These factors contribute to Brian McNamara’s confidence in maintaining a Buy rating for SharkNinja, Inc., with an increased price target of $136.
In another report released yesterday, Jefferies also maintained a Buy rating on the stock with a $175.00 price target.