Topeka Capital Downgrades DreamWorks Animation (DWA) to Sell

Topeka Capital downgraded DreamWorks Animation (NASDAQ: DWA) from Hold to Sell with a price target of $17 (from $23).

Analyst David W. Miller said, "For the second time this year, we are downgrading DWA from Hold to Sell, and in tandem, lowering our price target from $23 to $17, or essentially the equivalent of tangible book value. With the Penguins of Madagascar sophomore weekend dropping off a precipitous 56.4% versus last weekend's $25.4mm cume (ex the Thursday holiday), a global theatrical ultimate of $370mm now seems unrealistic. We are therefore decreasing that ultimate to $230mm and, in tandem, anticipating a $37.0mm partial write-down on the film."

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 $21.85 yesterday.

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