Needham & Company Cuts Estimates on Hasbro (HAS); Sales Disappoint, But EPS Are A Positive Surprise
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Price: $93.54 -0.02%
Rating Summary:
17 Buy, 9 Hold, 0 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
17 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Needham & Company maintains a 'Buy' on Hasbro (NASDAQ: HAS) price target of $39.00.
Analyst, Sean McGowan, said, "HAS reported disappointing 2Q sales, but better than expected EPS. Sales were $812 mm (down 12% YoY) vs. our estimate of $851 mm and consensus of $832 mm. Much of the weakness was due to exchange rates, which shaved sales by -4%, and a shift in shipments to the 2H of year. Gross margin rose 240 bps YoY to 61.6%; we were expecting GM of 59.1%...We believe these expenses will show up later in 2H. We now expect lower sales for 2012 than our prior estimate. We now expect EPS of $2.80 for the year, down from our prior estimate of $2.90, and this new estimate would likely be slightly up from last year excluding about $0.08 negative impact from currency exchange rates." (FY13 EPS cut from $3.40 to $3.15)
For an analyst ratings summary and ratings history on Hasbro click here. For more ratings news on Hasbro click here.
Shares of Hasbro closed at $35.19 yesterday.
Analyst, Sean McGowan, said, "HAS reported disappointing 2Q sales, but better than expected EPS. Sales were $812 mm (down 12% YoY) vs. our estimate of $851 mm and consensus of $832 mm. Much of the weakness was due to exchange rates, which shaved sales by -4%, and a shift in shipments to the 2H of year. Gross margin rose 240 bps YoY to 61.6%; we were expecting GM of 59.1%...We believe these expenses will show up later in 2H. We now expect lower sales for 2012 than our prior estimate. We now expect EPS of $2.80 for the year, down from our prior estimate of $2.90, and this new estimate would likely be slightly up from last year excluding about $0.08 negative impact from currency exchange rates." (FY13 EPS cut from $3.40 to $3.15)
For an analyst ratings summary and ratings history on Hasbro click here. For more ratings news on Hasbro click here.
Shares of Hasbro closed at $35.19 yesterday.
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