Sonos price target lowered to $22 from $24 at DA Davidson

DA Davidson analyst Tom Forte lowered the firm’s price target on Sonos to $22 from $24 and keeps a Buy rating on the shares. The firm is reducing its near-term sales and profit forecasts while increasing the discount rate while also citing the company’s planned layoffs for 7% of its headcount. While encouraged by its additional efforts to manage expenses, Sonos’ June layoffs was an indication that trends have weakened in the quarter.