Hasbro price target lowered to $80 from $90 at MKM Partners

MKM Partners analyst Eric Handler lowered the firm’s price target on Hasbro to $80 from $90 but keeps a Buy rating on the shares. While he is positive on the company’s Blueprint 2.0 strategy with a focus on fewer, bigger brands while emphasizing margin expansion and a "notable setup" entering 2023 with major movie releases associated with Dungeons & Dragons and Transformers, his price target cut reflect retailer skittishness toward the economy, the analyst tells investors in a research note. Handler also cuts his FY22 EPS view on Hasbro by 21c to $4.54 and his FY23 view by 35c to $5.15.