BofA analyst Alexander Perry downgraded Funko two notches to Underperform from Buy with a price target of $10, down from $29 after its pre-announced Q4 earnings and a write-down related to its slower moving inventory. The analyst cites the company's slower than expected momentum in sales of Frozen 2 and Star Wars Episode 9 inventory as well as a challenging U.S. wholesale environment with 6 fewer shopping days and lower reorder values. Perry adds that his assumed multiple moves to 9- to 10-times from 20-times expected FY20 earnings, with EPS estimate lowered by 40c to $1.05.