Piper Sandler analyst Erinn Murphy halved her price target for Funko shares, to $12 from $24, citing the company's "shocking" preannouncement for Q4 where revenue is expected to be 20% below and EBITDA 45% below prior estimates. After speaking to management, the analyst believes trends deteriorated throughout the quarter, especially in December, as Funko struggled to offset last year's Fornite comparison and did not see as big of a benefit from later quarter releases. Murphy expects Funko to trade as a "broken stock" for a short period given credibility concerns. That said, with the stock trading at around $10, she's sticking with an Overweight rating "for now" and wants to "see the dust settle."