Turtle Beach price target lowered to $17 from $20 at B. Riley

B. Riley analyst Drew Crum lowered the firm’s price target on Turtle Beach (TBCH) to $17 from $20 and keeps a Buy rating on the shares. Turtle Beach reported weaker-than-expected Q4 results, with revenue of $118.8M falling short of forecasts amid a sluggish holiday gaming accessories market, though stronger gross margins partially offset the EBITDA decline, the analyst tells investors in a research note. The company guided to a softer Q1 but stronger second half with double-digit Q4 growth and announced a more aggressive share buyback strategy, which is viewed positively, the firm adds.