UPDATE: Crowell, Weedon & Co. Initiates Buy on LeapFrog Enterprises on Pullback Opportunity

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Crowell, Weedon & Co. initiated its coverage on LeapFrog Enterprises (NYSE: LF) with a Buy rating and a price target of $15 a share. Crowell, Weedon & Co. noted, "LeapFrog is a leading global developer of multimedia learning platforms and learning toys. Driven by the successful launch of award winning new products in 2011, LeapFrog posted strong 2011 and first half 2012 results. This year in June LF released next-generation versions of its most successful products and appears positioned to sustain profitable growth in future periods. LF shares have gained 60% in 2012 (from $5.59 on 12/31/11) but declined 26% since closing at $12.09 on 7/30/12. In our opinion the recent pullback (attributed to competition in the children's tablet space) has created opportunity for small-cap aggressive growth investors, thus our Buy rating.LeapFrog Enterprises closed at $9.00 on Friday.

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