Hasbro downgraded to Neutral from Buy at BofA

BofA analyst Jason Haas downgraded Hasbro to Neutral from Buy with a price target of $53, down from $90, following the company’s Q3 report. While noting that Hasbro reported “very strong” Wizards of the Coast revenue, “unfortunately” its consumer products sales declined 19% year-over-year, which was “well below” the firm’s estimate for a 13% decline and the consensus call for a 5% drop. The toy business turnaround “needed more than we thought,” the analyst tells investors in a post-earnings note.