Hasbro price target lowered to $60 from $80 at Roth MKM

Roth MKM lowered the firm’s price target on Hasbro to $60 from $80 and keeps a Buy rating on the shares. The firm is positive on the company’s restructuring and turnaround potential but also notes its weaker than anticipated Q3 results and holiday outlook, the analyst tells investors in a research note. If management can successfully execute on its cost-cutting initiatives to fuel meaningful operating margin expansion in 2024 and then re-accelerate revenue growth in 2025, then Hasbro shares look “inexpensive” at 12.5-times expected forward earnings, the firm added.