UPDATE: Citi Lowers Hasbro's PT - Hasbro (NASDAQ:HAS)

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According to a research report published this morning, Citi has decreased Hasbro's (NASDAQ: HAS) PT from $39 to $36.In the report, Citi said, "HAS posted 1Q sales of $649mm, down 3% vs. FC of $667mm driven largely by a 16% decline in NA offset in part by +14% (+17% ex-FX) international growth. 1Q EPS was $0.04 (excl a 6c negative impact from severance costs) vs. $0.08 for FC. We est a -3c impact from an extra week in the Q. We believe the EPS miss was driven by lower than expected revenues. It appears that similar to MAT, HAS may have been impacted by a retail inventory de-load in the quarter."Citi maintains its Neutral rating on Hasbro, which is currently trading at $34.10.

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