Citi initiated coverage of Hasbro with a Neutral rating and $62 price target. The company is in the midst of a turnaround and reimagining of its business, and while there are “some encouraging green shoots,” Citi is taking a wait-and-see approach “ahead of what is likely to be a turbulent holiday season,” the analyst tells investors in a research note. The firm sees the reframing of Hasbro away from Gen-X legacy brands and towards Wizards of the Coast “as the vital shift if the stock is to earn the premium multiple coveted by management.”
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