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Goldman assumes Funko, downgrades to Sell on execution risk
The Fly

Goldman assumes Funko, downgrades to Sell on execution risk

Goldman Sachs analyst Stephen Laszcyk downgraded Funko to Sell from Neutral with a price target of $8.50, down from $22, after assuming coverage of the name. The shares trade at a premium to its historical averages and near the high end of its relative valuation range versus the S&P 500, the analyst tells investors in a research note. This "rich" valuation is coupled with a high degree of execution risk to consensus growth expectations, Goldman contends. The firm says consensus estimates currently expect Funko to grow EBIT at 50% annually through 2026. In order to achieve this, Funko, "will need to successfully execute against a relatively complex set of initiatives," the analyst writes.

Published first on TheFly

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