JPMorgan analyst Christopher Horvers double downgraded Funko to Underweight from Overweight with a price target of $9.50, down from $29. The company last night negatively preannounced Q4 results with net sales expected to be down 8% year-over-year, Horvers tells investors in a research note. The analyst also views the company's preliminary 2020 outlook as back-half weighted and "hopeful." Tactically, back-half weighed stories are "tough to endorse," especially on such a big Q4 miss, and the results heighten concerns on the content calendar, Horvers contends.