Northland Securities analyst Michael Latimore maintained a Buy rating on Plantronics (PLT) today and set a price target of $85. The company’s shares closed on Friday at $41.07.
Latimore commented:
“We believe this represents over half of all volumes coming into the US (including final assembly), but under 50% of all manufacturing. The company had been moving more of their volumes there given the China tariffs. The president’s tweet was not clear if the tariff applied to all goods coming into the country from Mexico (including final assembly) or just those manufactured there. PLT Sales. PLT reports that about 48% of revenue is from the Americas. We believe 45% of sales is from companies the US.”
According to TipRanks.com, Latimore is a 5-star analyst with an average return of 13.0% and a 55.2% success rate. Latimore covers the Technology sector, focusing on stocks such as Super League Gaming Inc, The Meet Group Inc, and Brightcove Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Plantronics with a $76 average price target, an 85.0% upside from current levels. In a report issued on May 28, Cowen & Co. also initiated coverage with a Buy rating on the stock with a $67 price target.
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The company has a one-year high of $82.28 and a one-year low of $30.90. Currently, Plantronics has an average volume of 378.8K.
Based on the recent corporate insider activity of 53 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PLT in relation to earlier this year.
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Plantronics, Inc. engages in the design, manufacture, and distribution of headsets, voice, video, and content sharing solutions. Its product include enterprises headsets, consumer headsets, voice video, and content sharing solutions. The company was founded by Courtney Graham and Keith Larkin in 1961 and is headquartered in Santa Cruz, CA.
