Barclays Maintains an 'Equalweight' on Hasbro (HAS); 2Q11 Review: Another Mixed Quarter

Barclays maintains an 'Equalweight' on Hasbro (NASDAQ: HAS), lowers PT by $2 to $48.

Barclays analyst says, "Hasbro reported another mixed quarter. Revenue growth appeared strong, but was essentially in line with our estimate ex-FX and closeout sales. Gross margins, on the other hand, looked worse than expected mainly due to closeout sales. Despite facing a second half which should be driven by momentum in Boys, new property launches (Sesame Street, Battleship Live, Monopoly Live), and improved inventory levels, HAS could remain a "show me" story until the company generates more robust results...We are lowering our 2011E EPS to $2.89 (ex-tax and restructuring) from $3.00, reflecting a flow-through of 2Q11 results and lower 2H11 revenue growth estimates. Our 2012E EPS falls to $3.45 from $3.55 after flowing through our lower 2011 estimate and reducing our revenue outlook (largely in Games and Puzzles)."

For more ratings news on Hasbro click here and for the rating history of Hasbro click here.

Shares of Hasbro closed at $39.40 yesterday.

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