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Fly News Breaks for November 4, 2019
FNKO
Nov 4, 2019 | 06:54 EDT
BMO Capital analyst Gerrick Johnson lowered his price target on Funko after its Q3 results and affirmed FY19 guidance, saying that while the company beat on earnings, it offered "limited disclosure" about its business. The analyst further cites Funko declining to provide point-of-sale and also not disclosing the growth metrics for its flagship Pop! vinyl figures for the first time in its reporting history. Johnson warns that while the company has benefited from trends "toward the consumption and celebration of pop culture", he has also observed "increased levels of inventory and markdowns" at retail, noting that his earnings forecasts may be "at risk".
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