UPDATE: Piper Jaffray Initiates Coverage on Hasbro with Overweight Rating, $55 PT on Attractive Long-Term Holding

In a report published Tuesday, Piper Jaffray analyst Stephanie S. Wissink initiated coverage on Hasbro

with an Overweight rating and $55.00 price target. In the report, Wissink noted, “We are initiating coverage of HAS with an Overweight rating and a $55 price target. based on 17x FY14E EPS. We see Hasbro as an attractive long-term holding (12 months or longer) particularly for growth and yield-focused investors. Through cost realignment and strategic partnerships, the evolution of the business model provides a compelling case for accelerating profitability in the double digit range on relatively stable revenues.” Hasbro closed on Monday at $47.70.