Analyst Sees a Peak for Headset Maker After a Huge Year of Growth
- Stock takes its biggest intraday tumble since January
- Shares had risen nearly 1,100% year-to-date through Tuesday
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Turtle Beach Corp. just reported another beat-and-raise quarter. Its reward? A price-target downgrade from Oppenheimer & Co. and the biggest stock tumble since January.
The maker of gaming headsets sank as much as 21 percent after analyst Andrew Uerkwitz lowered his price target to $24 from $35, noting that he expects 2019 sales to show a decline year-over-year “due to the extraordinary growth in 2018.” He still rates the stock the equivalent of outperform.