Snap One downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Cory Carpenter downgraded Snap One (SNPO) to Neutral from Overweight with a $10.75 price target following Resideo’s (REZI) announced $1.4B acquisition. The firm, which notes that Resideo and Snap One both manufacture and distribute tech-enabled products, with similar B2B2C business models, reiterates its “Street-high” Resideo price target of $27, noting that it currently applies a multiple at a discount to distributor and home product peers, though it thinks the gap “could close over time through strong execution.”