Craig-Hallum bullish on Turtle Beach, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Turtle Beach (TBCH) with a Buy rating and $23 price target The firm believes investors should be taking advantage of Turtle Beach stock ahead of the Grand Theft Auto 6 launch later this year, which has kept customers waiting since 2013. The launch is expected to be revolutionary for the entire gaming industry, with expectations of over $3B in sales in its first year, and Craig-Hallum expects the launch to jump start the gaming accessory refresh cycle. The firm argues that Turtle Beach has the product portfolio and market share to benefit from 2025 catalysts, and notes that its acquisition of PDP last year propelled the company to mid-teen EBITDA margins.