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Sonos Soars 21% as Analyst Sees Timing Right for Apple Buy

Published 06/22/2020, 02:01 PM
Updated 06/22/2020, 05:02 PM
© Reuters.
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By Christiana Sciaudone

Investing.com -- Shares of wireless speaker pioneer Sonos soared 21% on Monday after Citron Research said "this is the time" for Apple to snap up the company.

The shares closed up 18% for the day, at $14.07.

Sonos Inc (NASDAQ:SONO) is also poised to report a "blowout quarter" thanks to stay-at-home mandates, Citron said. Shares have more than doubled to over $14 since hitting a 2020 low in March. Shares of Apple Inc (NASDAQ:AAPL) rose 2.6%.

 
The stock has four buys, three holds and one sell, according to MarketWatch. Google (NASDAQ:GOOGL) filed a lawsuit against Sonos earlier this month alleging patent infringement.

Meanwhile, Apple's Worldwide Developer's Conference is in full swing, and the company has introduced a new Watch OS and iPad OS 14. Apple also confirmed it will move away from Intel Corporation (NASDAQ:INTC) chips for Mac computers and will use its own silicon chips.

 

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