Turtle Beach price target lowered to $9 from $18 at Lake Street

Lake Street analyst Mark Argento lowered the firm’s price target on Turtle Beach to $9 from $18 and keeps a Buy rating on the shares after results fell short of the firm’s previously moderated estimates and guidance due to macro headwinds on the consumer gaming sector and a more competitive pricing environment. Management expects to see the business return to revenue growth and profitability in 2023, which the firm feels is "a reasonable expectation," though Lake Street also notes that expectations of normalized levels of profitability have been pushed out. The firm views the stock as "likely troughing but in search of a catalyst," the analyst added.