UPDATE: Ascendiant Capital Initiates Coverage on DreamWorks Animation on Positive Outlook

In a report published Thursday, Ascendiant Capital Markets analyst Marla Backer initiated coverage on

with a Hold rating and $32.00 price target. In the report, Ascendiant Capital Markets noted, “DreamWorks Animation has stepped up its diversification efforts, in our view. We expect recently purchased AwesomenessTV, Classic Media and Chapman Entertainment library and investment in Oriental DreamWorks will help DreamWorks grow and diversify revenue.” DreamWorks Animation SKG closed on Wednesday at $29.17.