UPDATE: Bank of America Cuts PO to $17 on DreamWorks Animation SKG Weak Box Office
Bank of America reiterated its Underperform rating on DreamWorks Animation SKG (NASDAQ: DWA) and reduced its price objective to $17.
Bank of America commented, "Slow start for Rise of the Guardians DWA's Rise of the Guardians grossed $32.6mn over its full five-day Thanksgiving weekend opening and just $24mn for the three-day weekend. Despite the extra days, the weekend result marks the lowest opening weekend gross for a DWA film since Flushed Away and is also lower than last year's child related Thanksgiving weekend release. … Although Rise of the Guardians may benefit in coming weeks from limited competition (a re-release of Monsters Inc. is the only children's film due out between now and year-end) and an ‘A' CinemaScore, we believe the combination of tepid demand for 3D and the film's less evergreen characters (for non-western audiences) makes NT upside unlikely."
DreamWorks Animation SKG closed at $18.05 on Friday.
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