Piper Jaffray Maintains $55 Price Target On Hasbro

According to Piper Jaffray, Hasbro HAS sees nothing exciting in the March quarter. Piper Jaffray reported that Hasbro reported March quarter results largely in line with expectations. “Revenue was flat Y/Y, as strong growth in the Boys category was offset by weakness across the balance of Hasbro's portfolio. Op margins declined 300bps (7.3%) and EPS was $0.12. Games & puzzle sales declined 12% Y/Y as the company works to clear excess inventory from the holidays. Beyblades and entertainment related products drove the Boys category up 25% Y/Y. The Hub remains on track and is expected to deliver modest EPS accretion in 2011. Although the Street will view the quarter as soft, we continue to believe the year is largely on track and we have no material estimate changes. Hasbro remains one of our favorite 12-month investment ideas - $55 Price Target (15x CY12E EPS).” Hasbro closed yesterday at $44.40.