As reported earlier, BMO Capital analyst Gerrick Johnson downgraded Hasbro to Underperform from Market Perform and lowered his price target to $75 from $80. The analyst notes that the liquidation of Toys R US - TRU - may be "more impactful than investors realize" after the initial 9% rally in the stock price on "relief that things were not worse", even as retailers are becoming more selective in the "pantry loading" inventory restocking process. Johnson also adds that Hasbro's valuation of 18.1-19.3-times the FY19 EPS estimates is higher than his view of fair value that's closer to 15-times for large cap toy stocks, and also notes underperformance of movie tie-ins and and cancellation of Transformers 7 as added risks to the stock.

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