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Stifel Nicolaus lowers its rating on LeapFrog Enterprises
LF from Buy to Hold as the stock reaches trades near its $6 price target.
Stifel writes, "LF trades at our $6 target price following a +127% move off a 52-week low set in Aug '11 (vs. S&P 500 +9% and peer group +12%) largely propelled by the euphoria (and expected success) surrounding the LeapPad Explorer, in our opinion. At 14.6x and 6.8x our '12 EPS and adj. EBITDA est., respectively, we think
the shares are already discounting a strong holiday for the company which we are anticipating, and while upside is possible, LeapPad supply constraints and weaker performance for select pieces of the product portfolio (i.e. interactive reading) are potential risks vs. expectations."
LF closed at $5.98 per share on Friday.
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Posted In: DowngradesIntraday UpdateMarketsAnalyst RatingsConsumer DiscretionaryLeisure ProductsStifel Nicolaus
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