Needham & Company Maintains a 'Buy' on Hasbro (HAS); Cutting Estimates
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Price: $44.88 +0.29%
Rating Summary:
3 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
3 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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Needham & Company maintains a 'Buy' on Hasbro (NASDAQ: HAS) price target lowered from $42 t0 $39.
Analyst, Sean McGowan, said, "HAS reported 1Q results that were weaker than expected. We estimated 1Q sales of $682 mm and EPS of $0.10, and consensus expectations called for $668 mm in sales and $0.08 in EPS—actual sales were $648.8 with EPS of $0.04, excluding $0.06 in severance costs. Management had warned that FY 2012 revenues would be back-half weighted, and that the 14-week 1Q would feature an extra week of fixed costs ($6 mm) with little in terms of offsetting revenues."
"We have taken a more cautious view of the growth prospects for HAS’ revenue, and while we do expect margin improvement, we have lowered our EPS forecasts. Our 2012 EPS estimate is now $2.90, down from $3.25, 2013 is now $3.40 down from $3.75, and 2014 is now $3.85, down from $4.30. We have lowered our target price from $42 to $39, which assumes that a year from now."
For an analyst ratings summary and ratings history on Hasbro click here. For more ratings news on Hasbro click here.
Shares of Hasbro closed at $34.04 yesterday, with a 52 week range of $31.36-$48.43.
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Analyst, Sean McGowan, said, "HAS reported 1Q results that were weaker than expected. We estimated 1Q sales of $682 mm and EPS of $0.10, and consensus expectations called for $668 mm in sales and $0.08 in EPS—actual sales were $648.8 with EPS of $0.04, excluding $0.06 in severance costs. Management had warned that FY 2012 revenues would be back-half weighted, and that the 14-week 1Q would feature an extra week of fixed costs ($6 mm) with little in terms of offsetting revenues."
"We have taken a more cautious view of the growth prospects for HAS’ revenue, and while we do expect margin improvement, we have lowered our EPS forecasts. Our 2012 EPS estimate is now $2.90, down from $3.25, 2013 is now $3.40 down from $3.75, and 2014 is now $3.85, down from $4.30. We have lowered our target price from $42 to $39, which assumes that a year from now."
For an analyst ratings summary and ratings history on Hasbro click here. For more ratings news on Hasbro click here.
Shares of Hasbro closed at $34.04 yesterday, with a 52 week range of $31.36-$48.43.
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Needham & Company, Hasbro
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