Piper Jaffray analyst Erinn Murphy says Funko's valuation remains "compelling" following last night's "solid" Q3 results. The company modestly bested the Street on all key metrics and reiterated its fiscal 2019 guidance, Murphy tells investors in a research note. She continues to see "significant opportunity in shares" and reiterates an Overweight rating on the name with a $30 price target.

Stifel analyst Drew Crum called Funko's third quarter report "another solid update" that reaffirms his positive stance and view that the stock "trades at a severe discount to its peers" despite a superior top line profile and his expectations for improving profits and cash flow. Crum keeps a Buy rating and $30 price target on Funko shares.

DA Davidson analyst Linda Bolton Weiser reiterated a Buy rating on Funko and raised her price target on the shares to $35 from $32 after the company reported better-than-expected results for the third quarter and maintained its guidance for 2019. Weiser said that, although 2020 will not be as strong a year for new content as 2019, it should be comparable to 2018, adding that Funko sees strong sales growth to be driven by evergreen properties, "Pokemon," "Dragon Ball Z," "The Eternals" by Marvel, DC Comics' "Wonder Woman" and "Harley Quinn" sequels, and a full year of "Rick and Morty." The analyst noted that the company's game development unit has 28 games on the shelf, with management planning on the company become a much larger player in toys, with "multiple" toy lines in development.

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".