Shares of global product design and technology company SharkNinja could see even more upside, in part due to Oscar-winning film star Brad Pitt, according to Bank of America. The bank reiterated its buy rating on the name and upped its price target to $130 from $125, which implies more than 23% upside from Tuesday’s closing level. This comes as the stock has already soared more than 37% in the past three months and about 23% in the last month, outpacing the broader market on both fronts. SN 3M mountain SN, 3-month “We expect continued market share gains in both new and existing categories, while new product innovation could lead to increased wholesale distribution,” analyst Alexander Perry wrote in a note dated Tuesday. Notably, a pickup in recent point-of-sale data from Nielsen signals that SharkNinja’s North American sales could see mid-single-digit percentage growth for the second quarter, Perry said. That would be above the company’s guidance for low-single-digit percentage growth. “We believe better inventory availability post China shipment pause likely supported acceleration in sell-through at the end of June, with core categories including Vacuums tracking well above the full quarter growth trend,” the analyst continued. What’s more, shares could also move higher due to the release of “F1: The Movie,” as Perry believes that Brad Pitt starring in the film could raise awareness in international markets. The film has garnered more than $293 million at the global box office , becoming Apple’s highest-grossing theatrical release. “We believe SN’s recent sponsorship of Brad Pitt’s racing team in the new F1 Movie should help drive global brand growth at a time when SN is focused on formally marketing SN as one entity and expanding its presence in [Europe, Middle East and Africa], especially in France & Germany, which are the movie’s #3 and #5 highest grossing markets,” he wrote. Perry’s bullish view is among the majority of analysts on Wall Street. All but one of the 13 total analysts covering the stock have a strong buy or buy rating, and its average target of roughly $122 calls for around 16% upside. Shares were about 2% higher in midday trading Wednesday.
