UPDATE: Stifel Nicolaus Downgrades DreamWorks Animation SKG to Sell on Weak Box Office
Stifel Nicolaus reduced its rating on DreamWorks Animation SKG (NASDAQ: DWA) from Hold to Sell.
Stifel Nicolaus commented, "The rating change comes as the international opening weekend for "Rise of the Guardians" was somewhat weak and not enough to offset what continues to be weakening domestic performance. What we take from this Guardians experience is that where once there was an implied domestic box office floor on a movie from the company, particularly in the 3D era, of $150mn that is no longer the case. Also clearly no longer the case is the mantra that the lack of competing animated titles will automatically grant a movie clear box office sailing."
DreamWorks Animation SKG closed at $17.13 on Friday.
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