Argus lowered the firm’s price target on Hasbro to $65 from $75 after its Q3 earnings miss but keeps a Buy rating on the shares. Revenues in the consumer segment are likely to be impacted by softer toy demand in the holiday season, but demand across Wizards of the Coast should remain strong in Q4, the analyst tells investors in a research note. Taking into account a weaker-than-expected revenue outlook, along with recent EBITDA margin improvement, Argus is also cutting its 2023 adjusted EPS forecast to $3.35 from $4.50.
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