Piper Jaffray Upgrades DreamWorks Animation (DWA) to Neutral

Piper Jaffray upgraded DreamWorks Animation (NASDAQ: DWA) from Underweight to Neutral with a price target of $22.00 (from $19.00).

Analyst James Marsh said, "While we are still trimming expectations for How to Train your Dragon 2 and the upcoming Penguins film, we think the worst of negative earnings revisions are behind us at this stage."

The firm lowered expectations for How to Train Your Dragon 2, which they now forecast come around $180M (previous forecast $200M). They are also lowering Penguins (opening Nov 26) DBO estimate $180M from $200M.

The firm cut FY 2014 EPS from $0.16 to $0.12 and FY 2015 EPS from $0.74 to $0.71.

For an analyst ratings summary and ratings history on DreamWorks Animation click here. For more ratings news on DreamWorks Animation click here.

Shares of DreamWorks Animation closed at $22.79 yesterday.

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