Toymaker Funko slumps on outlook cut, bearish brokerages

Funko

04/11/2022 14:01

** Funko Inc's shares  FNKO.O  slump 42% to $11.4, touching
more than one and a half year lows
    ** The bobble head maker misses earnings estimates as per
Refinitiv IBES data
    ** Co now sees FY 2022 adj. earnings between 85 cents/shr
and 95 cents/shr vs. previously forecast $1.88/shr to $1.99/shr
    ** FNKO flags a 64% increase in selling, general and
administrative expenses
    ** Brokerage J.P.Morgan downgrades stock to "neutral" from
"overweight", cuts PT to $16 from $32, citing unexpected cost
pressures related to infrastructure challenges
    ** Brokerage sees too much uncertainty as retailers de-stock
under macro pressures
    ** Truist Securities downgrades to "hold" from "buy"
    ** Three of eight brokerages rate the stock "buy" or higher,
five "hold"; their median PT is $22
    ** Stock more than erases small YTD gains to now fall 59%,
compared with a 31.2% decline in the Nasdaq Industrial index
 .IXID 
 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))