William Blair initiated research coverage of SharkNinja, Inc. (SN $42.45), a dual-brand portfolio specializing in the design and innovation of household products and small appliances sold globally.
Analysts Phillip Blee and Sharon Zackfia estimated that the company would generate sales of $4.025 billion in 2023, increasing by 7.5% in 2024 to $4.325 billion.
“SharkNinja operates two billion-dollar-plus brands—Shark and Ninja—each with a leading market share across 28 diverse product categories,” Blee said. “Combining global expansion with a deep understanding of the consumer and a high-speed innovation cycle, Shark and Ninja have evolved from single-product offerings in the late 2000s into two highly trusted, diverse brands. Shark provides cutting-edge solutions in the floorcare, home environment, and beauty space, while Ninja offers a wide assortment of small kitchen appliances. The company’s products are sold through over 150 retail partners, third-party distributors, and its own direct-to-consumer channel in 26 global markets.”
“In our view, the company’s consistent execution, expansive product development team, and diverse supply chain network should support healthy growth despite the uncertain macro backdrop and volatile consumer demand,” added Zackfia. “Further, SharkNinja’s research-and-development engine, wide breadth of product, and speed to market are key competitive differentiators that should provide underlying stability, while the company also maintains a long runway to expand internationally and into new, complementary categories with the potential to not only take existing share but also grow the overall market.”
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