Turtle Beach price target lowered to $16 from $23 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Turtle Beach (TBCH) to $16 from $23 and keeps a Buy rating on the shares. The firm notes that while the tariffs and GTA 6 push out came as a 1-2 punch and beyond the company’s control, Turtle Beach is positioned well for catalysts over the next 12 months with the launch of GTA 6 and the Nintendo Switch 2 launch in June. Craig-Hallum points out the company continues to trade at an unwarranted discount to peers and though estimates have been reset, it highlights out management’s announcement of a $75M share buyback and the quick shift of production nearly all out of China as proof the company can execute in a rougher tape.