Sonos upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Sonos (SONO) to Equal Weight from Underweight with a price target of $17, up from $11, following the fiscal Q4 report. The firm says Sonos is offsetting tens of millions in tariff costs with pricing actions and supply chain pressure. Meanwhile, the company’s new CEO Tom Conrad has a vision to make Sonos more than an audio system. With the shares not “overly cheap,” Morgan Stanley is only upgrading the shares to neutral.