B.Riley FBR Sticks to Their Hold Rating for Zagg Inc (ZAGG)


In a report released today, Jeff Van Sinderen from B.Riley FBR maintained a Hold rating on Zagg Inc (ZAGG), with a price target of $9. The company’s shares closed yesterday at $7.85, close to its 52-week low of $7.70.

Van Sinderen commented:

“ZAGG reported in-line 1Q sales after being impacted by sales pulled forward from 1Q and soft demand for smartphone devices that was partially offset by increased sales from juice pack and newly acquired brands. With pressure in the battery pack space, including Apple introducing its own versions of battery cases, ZAGG gave up some market share. A higher mix of curved screen protection related to the launch of new Samsung Galaxy handsets and decrease in wireless charging products negatively impacted GM, which came in well below consensus. Expenses related to recent acquisitions of Gear4, BRAVEN, and HALO significantly impacted SG&A without providing a full benefit to sales in 1Q. Increased SG&A and amortization of intangibles drove significant deleverage of opex. Adj. EBITDA also came in well below consensus.”

According to TipRanks.com, Sinderen has currently no stars on a ranking scale of 0-5 stars, with an average return of -3.1% and a 42.9% success rate. Sinderen covers the Consumer Goods sector, focusing on stocks such as Universal Electronics, Celsius Holdings Inc, and Chromadex Corp.

Zagg Inc has an analyst consensus of Moderate Buy, with a price target consensus of $17.33.

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The company has a one-year high of $19.40 and a one-year low of $7.70. Currently, Zagg Inc has an average volume of 356K.

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Zagg, Inc. engages in the design, production, and distribution of mobile tech accessories for smartphones and tablets. Its products include screen protection, power cases, power management, wireless charging, personal audio, mobile keyboards, and cases sold under the ZAGG, InvisibleShield, mophie, and IFROGZ brands.

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