SharkNinja price target lowered to $110 from $117 at Morgan Stanley

Morgan Stanley analyst Megan Alexander lowered the firm’s price target on SharkNinja (SN) to $110 from $117 and keeps an Equal Weight rating on the shares. While the firm notes it has made “modest tweaks” to its model ahead of Q3 earnings, shifting some sales into Q4 to reflect the well-telegraphed shift in retailer ordering patterns, it adds in a preview that the bar is lower into 3Q, but scanner data volatility and Mattel (MAT) and Hasbro (HAS) confirming a timing shift “make for a tricky setup.” With limited visibility to topline re-acceleration, the valuation of SharkNinja “looks fair,” the analyst argues.