SONO Similar Chart Price Prediction
The price of SONO is predicted to go up 0.7%, based on the high correlation periods with RCKY. The similarity of these two price pattern on the periods is 91.15%.
SONO
RCKY
Up: 0.7%Similarity: 91.15%
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SONO Analyst's Forecast
Erik Woodring
Morgan Stanley
Buy → Sell
Price Target
$25 → $11
Upside
-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.