FBR Capital Downgrades DreamWorks Animation (DWA) to Underperform
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FBR Capital downgraded DreamWorks Animation (NASDAQ: DWA) from Market Perform to Underperform with a price target of $14.00 (from $20.00) after Penguins of Madagascar miss this weekend.
Analyst Barton Crockett commented, "The Penguins of Madagascar miss this weekend- mainly domestic, but also soft in most of the few international markets that have opened - is discouraging beyond the outlook for this one movie. The miss highlights issues that we see weighing on DWA stock: rising competition - especially from Disney- and DreamWorks' difficulty in sustaining momentum in its post-Shrek franchises. A more skeptical stance on these issues accompanies an estimate reduction from the Penguins miss, prompting our downgrade to Underperform, with a $14 price target."
Shares of DreamWorks Animation closed at $23.84 yesterday.
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