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Fly News Breaks for February 11, 2020
Feb 11, 2020 | 09:34 EDT
SunTrust analyst Michael Swartz lowered his price target on Funko to $12 after its negative Q4 pre-announcement released last week and expects the shares to "remain in the penalty box for the next few quarters", but keeps his Buy rating longer-term, stating that the company's fundamentals are intact. The analyst notes that his subsequent discussions with Funko management suggested that the quarter was impacted by the softer-than-expected sell-through for several high-profile theatrical properties released in Q4. Swartz adds that some of its domestic retail partners chose to take a more cautious stance around inventory, but the company does not anticipate 2020 to be weighed down by "retailer apathy or elevated channel inventory".
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