Fly News Breaks for February 6, 2020
Feb 6, 2020 | 08:15 EDT
As previously reported, Jefferies analyst Stephanie Wissink downgraded Funko to Hold from Buy with a price target of $11, down from $27, following the company's prerelease last night of its preliminary Q4 results. While a combination of factors led to the miss, it is the degree of the miss that is leading to her downgrade, said Wissink, who doesn't see a broken brand or platform, but does think that Funko's credibility will need repairing. While an estimate reset can happen quickly, rebuilding confidence in Funko's growth will take time, added Wissink, who is among at least four analysts who have downgraded the stock this morning.
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