UPDATE: KeyBanc Capital Markets Downgrades JAKKS Pacific to Hold, Removes PT

In a report published Monday, KeyBanc Capital Markets downgraded its rating on JAKKS Pacific

from Buy to Hold, and removed its $22.00 price target. KeyBanc noted, “We are downgrading JAKK to HOLD (from BUY) in the wake of the negative pre-announcement, as we view little upside around the upcoming holiday season and therefore believe the stock lacks a near-term catalyst. While we do believe some longer-term value exists, either through some fundamental improvement or through a potential acquisition, we suspect investors will be unwilling to award much of a multiple on the stock until signs of more robust execution and results start to appear, which could be later in 2013.” JAKKS Pacific closed on Friday at $14.57.