Piper Jaffray Upgrades JAKKS Pacific (JAKK) To Buy
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Piper Jaffray upgrades JAKKS Pacific (Nasdaq: JAKK) from Neutral to Buy with a $24 price target. Piper Jaffray Upgraded JAKK's to Buy based on fundamentals and its current attractive valuation. Jakk's has a solid cash position, limited debt and its strong cash generation lend confidence.
Piper Jaffray thinks Jakks is "largely insulated" from current credit problems. Piper sees sales in the toy category as less discretionary and largely stable. Toy sales have historically demonstrated little volatility during volatile economic periods and Piper thinks this year will be no different.
So to sum up, Piper upgraded JAKK to Buy for the following reasons:
1) stable sales profile and improving product line
2) realistic EPS expectations
3) strong balance sheet and healthy cash flows
4) valuation is attractive now at 7.5x CY09. Management execution remains consistent and we expect the company will experience a solid holiday sales period.
JAKKS Pacific, Inc. is a leading worldwide toy and consumer products company.
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