MKM Partners Remains Sidelined on Hasbro (HAS) Ahead of 3Q Report
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MKM Partners reiterated a Neutral rating and $84.00 price target on Hasbro (NASDAQ: HAS) ahead of the company's 3Q earnings report. MKM expects the company to report revenue, operating income and EPS of $1.540bn, $334mn, and $1.81, respectively. Revenue is expected to slightly misses the consensus estimate of $1.553bn. EPS and operating income are both expected to come in above consensus of $1.75 and $324mn.
Analyst Eric Handler commented, "We are anticipating a relatively uneventful 3Q earnings report from Hasbro when it reports its results on Monday, October 17, before the market open. Growth is beginning to slow as the Star Wars toy launch from last year has been lapped but management's full year goals appear on track. Inventory levels are a key item investors are eyeing given last quarter's 42% y/y increase. Hasbro has been executing well but capital appreciation potential remains insufficient at this time to merit a more constructive view. We reiterate our fair value estimate of $84, which is based on roughly 18.5x our 2017E EPS of $4.50."
Shares of Hasbro closed at $77.64 yesterday.
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