While electronics maker Sonos (NASDAQ:SONO) will be a little late to the party as far as holiday shopping goes, it’s got one doozy of a 2024 planned. Several new products will make it to shelves over the course of next year. However, that’s not enough for investors, who sent share prices down over 2% even as the new product listings pile up.
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The flagship new release, reports note, will be a set of high-end headphones designed to tackle the biggest names in the industry—Bose and Apple (NASDAQ:AAPL)—with a pure-quality offensive. The headphones are over-the-ear and will run over $400. Sonos has been working on an entrant into the headphone stakes for years now—since 2019, at last report—but apparently, they’re finally, nearly, ready to go. They should be on shelves this April, and there’s word they’ll come with the ability to synchronize music from other Sonos products in your home. In fact, word from Patrick Spense, Sonos’ CEO, suggests that a good chunk of the company’s entire revenue picture will come from new products before June 2024 even kicks in.
An Entire Sonos Shopping List
That’s a lot to ask from a set of headphones, even $400 headphones. But that’s not all Sonos has up its sleeve. Sonos is also readying a set-top box to take on not only Roku (NASDAQ:ROKU) but, once again, Apple. Sonos also plans the release of another Sonos Roam portable Bluetooth speaker, one that will hopefully improve on some of the complaints seen with the last version, like battery life and reliability. Also, look for new versions of the Arc soundbar and the Era 100 speaker, both of which will have their prices upgraded, but also their capabilities, for those looking for a premium experience regardless of the prevailing macroeconomic conditions.
Is Sonos Stock a Good Investment?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on SONO stock based on three Buys and two Holds assigned in the past three months, as indicated by the graphic below. After a 19.73% loss in its share price over the past year, the average SONO price target of $16.63 per share implies 18.7% upside potential.
