UPDATE: JPMorgan Assumes Funko (FNKO) at Neutral

JPMorgan analyst Tami Zakaria assumes coverage on Funko (NASDAQ: FNKO) with a Neutral rating and a price target of $20.00.

The analyst comments "As the COVID-19 vaccines continue to roll out, we believe FNKO’s current share price appropriately reflects optimism around a strong recovery in topline, margin, and EPS. Hence, we rate shares of FNKO Neutral. Our Dec 21 PT is $20 based on ~18x PE and ~10x EV/EBITDA on our FY22 estimates, which is a discount to larger peers HAS and MAT (low-tomid-teens EV/EBITDA) that we believe is justified given FNKO’s higher reliance on 3P IP, but roughly in line with its 2019 valuation metrics before the pandemic."

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

Shares of Funko closed at $17.77 yesterday.

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