Hasbro (HAS) PT Raised to $115 at Jefferies on Wizards Strength

Jefferies analyst Stephanie Wissink raised the price target on Hasbro (NASDAQ: HAS) to $115.00 (from $113.00) after the FY21 guide called for "double digit" growth, unchanged despite exiting the Music business which represented $60-70M in 2H revenues, a 1ppt headwind. This also reflects solid +DD underlying momentum in core segments.

The analyst reiterated a Buy rating, stating "Our FY assumptions are largely unchanged but we are pulling forward 2H biz into Q2 for Wizards and lifting entertainment estimates to recapture the Q1 delta (not a miss to plan, a miss to Street). We are also passing through the Q1 $0.19 EPS benefit from a legal settlement. That lifts FY21 EPS by a similar amount. FY22 range is preserved. Pathway toward $6 in FY24 is unchanged; conviction has only gotten stronger."

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