UPDATE: Sterne Agee Downgrades Hasbro to Neutral

Sterne Agee lowers its rating on Hasbro HAS and cuts its price target by $5 to $41 on expectations of lower results in the first half of 2012, as retailers work down their inventories. Sterne Agee says, "We expect first half results will be lower year over year as retailers work off inventories which are higher than plan and due to new North American management's plans to ship closer to consumer need. Moreover, the games unit remains a challenging area. Further, we see 2013 as an entertainment-light year." HAS closed at $36.58 a share on Tuesday.