Resideo downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Resideo (REZI) to Neutral from Overweight with a price target of $16, down from $31. Ahead of Q1 earnings, the firm reduced estimates, multiples, and price targets for most small-cap internet and video game companies to reflect macro and tariff uncertainty. Resideo has tariff exposure with 50% of products manufactured in Mexico and Snap One proprietary brands in China, and on the macro side is most sensitive to residential housing resale and remodel activity, the analyst tells investors in a research note. JPMorgan says the company’s 2025 outlook does not reflect any potential impact from tariffs and assumes flat to slight industry growth, both of which now appear optimistic.