Vizio Holding drops after BofA double downgrades, sets Street-low PT

Vizio Holding

24/08/2023 14:25

** Shares of Vizio Holding  VZIO.K  drop 5.7% to $5.8
premarket after BofA Global Research's double downgrade
    ** Stock to touch record low if losses hold
    ** BofA double downgrades electronic goods manufacturer to
"underperform" from "buy", citing headwinds from a weaker macro
environment
    ** BofA cuts PT to $6 from $11, a Street-low PT, according
to Refinitiv data
    ** Current BofA PT represents a downside of 1.6% to VZIO's
last close
    ** Brokerage cuts device estimates riding on weak consumer
spending and cyclic reasons for lower TV sales
    ** Estimates for VZIO's TV software and data recognition
subsidiary Platform+ cut on lower active accounts and a weak
advertising market
    ** Up to Wednesday's close, VZIO down 16.9% YTD

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))