Topeka Downgrades DreamWorks Animation To Sell For The Second Time This Year

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David Miller of Topeka Capital Markets downgraded shares of DreamWorks Animation

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(NYSE: DWA) to Sell from Hold with a price target lowered to $17 from a previous $23.Miller previously downgraded shares to Sell from Hold on April 25 before upgrading shares back to Hold in May.According to Miller, a $17 price target is the equivalent of the company's tangible book value, which is justified as the analyst expects a partial-write down on Penguins of Madagascar.Miller notes that Penguins

sophomore weekend box office revenue dropped a “precipitous” 56.4 percent compared to last weekend's $25.4 million sales. As such, the analyst sees a global theatrical ultimate of $370 million being “unrealistic.”Miller believes that Penguins may see only $230 million in global box office sales, and, in tandem, expects a $37.0 million partial write-down on the film.