Hasbro (HAS) PT Lowered to $112 at DA Davidson
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DA Davidson analyst Linda Bolton Weiser lowered the price target on Hasbro (NASDAQ: HAS) to $112.00 (from $128.00) while maintaining a Buy rating.
The analyst commented, "At BUY-rated HAS' analyst meeting, they lowered 2022 guidance; 3Q22E sales were -15% due to retailer inventory reductions. We are cutting our 2022E EPS by 11% and our target P/E to 20x from 22x due to lower 4Q visibility. In the next 5 years, HAS' will focus on "fewer, bigger, better" and they are projecting many favorable mix drivers, a mid-single digit sales CAGR, and a 20% operating margin in 2027 (vs. 16% in 2022). They are targeting a 50% increase in operating profit in the next 3 years, implying a mid-teens CAGR. We are raising our 2023E profit growth to 16% from 8%, but cutting our PT to $112 from $128, based on 20x 2023E EPS of $5.61."
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