SONO Price Prediction Next Week
Analysis and Insights
Technical Analysis:
Sonos (SONO) has entered oversold territory with an RSI of 29.9, indicating potential exhaustion of selling pressure and a possible buying opportunity. The stock is currently trading at $11.32, near its 52-week low of $10.30, suggesting a potential rebound.
News Impact:
Sonos has halted the launch of its video streaming player, which might have short-term negative implications but allows focus on core audio products. The company also announced a $150 million stock repurchase program, which could support the stock price.
Fibonacci Levels:
- First Resistance: $12.52
- First Support: $11.23
MACD Analysis:
The MACD is slightly negative, but the oversold RSI suggests a possible short-term bounce.
Conclusion:
Based on the oversold condition and Fibonacci levels, SONO is expected to rebound. The target price is $12.52 with a stop-loss at $11.23.
Recommendation: Buy SONO with a target price of $12.52 and a stop-loss at $11.23.
SONO Similar Chart Price Prediction
The price of SONO is predicted to go up 4.28%, based on the high correlation periods with CULP. The similarity of these two price pattern on the periods is 95.17%.
SONO
CULP
Up: 4.28%Similarity: 95.17%
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SONO Analyst's Forecast
Erik Woodring
Morgan Stanley
Buy → Sell
2024-09-26
Price Target
$25 → $11
Downside
-8.56%
Morgan Stanley analyst Erik Woodring double downgraded Sonos to Underweight from Overweight with a price target of $11, down from $25. The firm believes the impact of the company's app redesign is likely greater than the market currently perceives. Since Sonos' May 7 app redesign, the company has faced significant backlash from existing users, which represent 44% of annual new product registrations, the analyst tells investors in a research note. Morgan Stanley says high frequency data sets show that Sonos' brand favorability and purchase considerations are at or near 4-5 year lows. Sonos also faces headwinds from weak market demand, the firm adds.
