Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Pop culture collectibles brand Funko Inc (NASDAQ:FNKO)'s brand licensing and more prominent retail placement is positioning the toy company for upside, according to Piper Jaffray.
The Analyst
Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating on Funko and raised the price target from $13 to $18.
The Thesis
Funko announced a partnership last week with Pokémon; its Pop! Pikachu products are already set in motion for sale at Target Corp (NYSE:TGT) stores this summer, Murphy said in a Wednesday note. (See the analyst's track record here.)
Pokémon is the second best-selling video game franchise of all time, and "Fortnite" is the top-grossing iOS game in the Apple Inc. (NASDAQ:AAPL) App Store, as well as Xbox’s No. 1-played game.
The combination of a classic game with a new global phenomenon will likely attract an array of demographics, according to Piper Jaffray.
"Importantly, the audience for both licenses is broad in nature, with Activision Blizzard, Inc. (NASDAQ:ATVI) noting Fortnite 'is attracting new players of all ages and gender and it is helping gaming become even more mainstream entertainment,'" Murphy said. "We see strong commercial opportunities with limited cannibalization impact and believe these wins showcase FNKO's ability to quickly market/monetize in-demand pop culture."
Shelf-space expansion at retailer Walmart, Inc. (NYSE:WMT) is also a key catalyst, Murphy said.
Walmart plans to double its shelf space for Funko products this fall. Funko products will be available in entertainment aisle in addition to the toy section.
The launch of Funko’s cereal FunkO’s, sold at speciality stores like Hot Topic, may lead to cereal brand partnerships over time, Murphy said.
Price Action
Funko shares were rallying 6.25 percent to $17.34 at the time of publication Thursday.
Related Articles:
2 Giants Join Forces: Funko Announces Partnership With Epic Games
Party City Pop-Up Toy Stores Could Help Toymakers Stung By Toys 'R' Us Closures
Photo courtesy of Funko.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!