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William Blair started off coverage on SharkNinja with an Outperform rating on Wednesday. The firm said it expects a sustainable demand algorithm and flexible operating model to support ongoing share gains and strong earnings growth in the long term.
Analyst Phillip Blee pointed to a diverse category mix for SharkNinja (NYSE:SN) and said a rapid innovation cycle should support share gains across existing product portfolio.
“SharkNinja’s research-and-development engine, wide breadth of product, and speed to market are key competitive differentiators that should provide stability in an uncertain environment.”Other growth catalysts seen for SharkNinja (SN) include the launch of new and adjacent product categories and international expansion opportunities.
In terms of valuation, SharkNinja (SN) was noted to be trading at 8.6X the firm’s 2024 adjusted EBITDA estimate, which was noted to be below the midteens average across its peers.
Earlier in September, Jefferies initiated coverage on SharkNinja (SN) with a Buy rating.
Analyst Randal Konik: “We believe SN is well positioned to grow its market share across new and existing categories given its global rapid innovation and commercialization flywheel model. With its fast-growing brands and international penetration paving the way, we see significant top-line expansion opportunities along with an enviable and rising margin profile.”
On Seeking Alpha, analyst Rational Expectations said SharkNinja (SN) is likely undervalued as a long-term growth play within consumer appliances.
SharkNinja’s (SN) first earnings report as a publicly-traded company arrived on August 24. The company reported that net sales increased 22.1% to $950.3M and adjusted net sales increased 19.7%, both driven by strong sales of recently launched products in the outdoor cooking and beauty categories. Adjusted EBITDA increased 40.0% to $113.6M during the quarter.
Shares of SharkNinja (SN) rose 1.72% to $43.74 in premarket trading vs. the post-IPO range of $25.84 to $44.98. The IPO listing price was $26.90.
