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Funko price target lowered to $10 from $22 at BMO Capital
The Fly

Funko price target lowered to $10 from $22 at BMO Capital

BMO Capital analyst Gerrick Johnson lowered the firm’s price target on Funko to $10 from $22 and keeps a Market Perform rating on the shares. The analyst cites the company’s Q3 earnings miss despite the revenue beat as margins lagged. Funko has also reduced 2022 sales guidance, as all toy companies have done, but also slashed its profit outlook due to higher than expected infrastructure investment expense, Johnson tells investors in a research note, cutting his FY22 EPS view to 66c from $1.90 and his FY23 view to 65c from 2.00. The analyst further notes that he will continue to monitor a buildup of inventory in the collector channel, which "could be the next shoe to drop".

Published first on TheFly

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