BUZZ-Sharkninja shares sink after quarterly report, guidance

Reuters11-01

** Shares in household product designer Sharkninja Inc down 17.6% on Thursday, on track for biggest one-day decline since August 2023, as it's full-year profit target disappointed investors while its quarterly results beat expectations

** SN reported adj EPS of $1.21 vs $0.95 in year-ago quarter and analysts' mean expectation of $1.14. Rev of $1.43 bln vs $1.07 bln in year-ago quarter and Wall St expectations for $1.32 bln, according to data from LSEG

** Co forecast FY adj EPS range of $4.13 to $4.24, up from its prior target of $4.05 to $4.21 but well below Wall St expectations for $4.25, as per LSEG

** It raised its FY 2024 net sales growth target to range of 25%-26% from previous target range of 22%-24% which would imply $5.32 bln to $5.36 bln range compared with Wall St consensus view of $5.23 bln

** Jefferies analyst Randal Konik applauded management "for reinvesting in a biz experiencing robust growth" with growing international opportunity while noting that "expenses appear elevated" in a research note were he recommended "buying today's weakness"

** SN last traded at $91.39 vs median PT of $121.50, as per LSEG, which shows 13 analyst ratings: 5 'strong buy,' 6 'buy' and 1 'hold' rating

** YTD shares in SN up 78.6% VS ~3% gain for Dow Jones consumer goods index

(Reporting By Sinéad Carew)

((sinead.carew@thomsonreuters.com; +13322191897;))

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