UPDATE: Stifel Nicolaus Downgrades JAKKS Pacific to Hold; No Near-Term Catalysts
Stifel Nicolaus downgraded JAKKS Pacific (NASDAQ: JAKK) from Buy to Hold and removed the price target of $16.00.
Stifel Nicolaus noted, "We are lowering our investment rating on JAKKS Pacific from Buy to Hold, as we believe the shares lack any near-term catalysts. More specifically: 1) expectations for weak fundamentals to persist through at least C1H13 (disappointing updates for Monsuno domestic + Winx Club/higher inventories/potential dollar store weakness); 2) limited visibility on DreamPlay; and 3) the absence of any takeout scenario (with Oaktree), dampens our enthusiasm for the shares. And with 4Q earnings yesterday, management termed 2013 as a "transitional" year, which appears to be reflected in guidance."
JAKKS Pacific closed at $12.74 on Thursday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.