UPDATE: KeyBanc Downgrades Hasbro to Hold on Lack of Near-Term Catalysts
In a report published Wednesday, KeyBanc analyst Scott W. Hamann downgraded his rating on Hasbro (NASDAQ: HAS) from Buy to Hold and removed his $45.00 price target.
In the report, Hamann noted, “We are downgrading Hasbro, Inc. (HAS-NASDAQ) to HOLD (from BUY) given what we currently view as a more balanced risk/reward dynamic in the wake of strong recent stock performance (year-to-date +17.5% vs. +5.9% for S&P 500) and the absence of any meaningful near-term catalysts. While we believe management has taken the necessary steps to better position the Company for future long-term success, through segment restructuring and cost initiatives, we anticipate the real benefit of those actions as well as a more robust product line to be more impactful in 2014 and beyond. As such, we do not foresee near-term fundamental upside to earnings and therefore view the current valuation, now at more historical levels, as reasonable.”
Hasbro closed on Tuesday at $42.15.
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