SharkNinja: Solid Scanner Trends but Mixed Category Performance Support a Neutral Hold Rating

Analyst Megan Alexander from Morgan Stanley maintained a Hold rating on SharkNinja, Inc. and keeping the price target at $110.00.

Megan Alexander has given his Hold rating due to a combination of factors reflecting both solid recent performance and emerging signs of moderation. Scanner data indicate that SharkNinja’s U.S. sales are still growing at a healthy double-digit pace, with recent two-week trends strengthening to about 20% year-over-year and four-week trends also improving versus the prior period. The addition of Amazon 1P and Costco into the NielsenIQ coverage has expanded visibility and shows that total distribution points and product velocity are rising, highlighting continued brand strength and effective execution in key retail channels.

At the same time, the quarterly picture shows that growth in the fourth quarter has slowed compared with earlier periods, and category performance is mixed, with robust gains in newer or fast-growing segments like slushi machines, coffee makers, and air purifiers balancing weakness in more mature categories such as hair dryers, blenders, and steam mops. Historical comparisons between scanner trends and SharkNinja’s reported U.S. sales have been inconsistent, and the stronger correlation in the xAOC subset versus the full view (which includes Amazon and Costco) adds uncertainty to translating tracked data into actual reported revenue. Coupled with possible timing gaps between retailer sell-in and consumer sell-through, these dynamics suggest limited near-term upside relative to the current valuation, supporting a more neutral Hold stance rather than a more aggressive rating.