HAS - Hasbro's Stock Outlook Dims: Analyst Downgrades To Neutral Amid Persisting Industry Headwinds | Benzinga
DA Davidson analyst Linda Bolton Weiser downgraded the shares of Hasbro Inc (NASDAQ: HAS) from Buy to Neutral and lowered the price target from $60 to $53.
The analyst points to the fact that Hasbro is now talking about the toy industry undergoing a post-COVID correction and cites CEO Chris Cocks reportedly predicting the headwinds faced in 2023 are likely to persist into 2024.
The analyst notes that pressures on the consumer and on its business specifically will focus management on fixing the cost structure in 2024, with the expectation that the industry will return to its historical growth over time.
With this in mind, the analyst lowers the toy segment ...