UPDATE: Monness Crespi Hardt Initiates Coverage on LeapFrog Enterprises with Buy Rating, $12 PT

In a report published Monday, Monness Crespi Hardt initiated coverage on LeapFrog Enterprises LF with a Buy rating and $12.00 price target. Monness Crespi Hardt noted, “As the leader in the learning toys category, we believe LeapFrog has a strong competitive position. In 2011, LeapFrog had the best selling kids learning tablet, the best selling learning game system, the best selling learn to read system and the best selling electronic toy line. The company has won the TIA's Toy of the Year award in 8 of the last 12 years and more than 1,200 educational and parenting awards since inception. LeapFrog's products dominate the online best selling lists in the learning and education category.” LeapFrog Enterprises closed on Friday at $9.42.