Sonos price target raised to $18 from $17 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Sonos (SONO) to $18 from $17 and keeps an Equal Weight rating on the shares after the company posted “a solid F1Q beat,” guided to a largely in-line Q2, and reiterated the second half revenue trajectory should improve with new product launches. The firm adds that consumer spending remains uneven and memory exposure, though “minimal,” creates some risk.