Hasbro Analysts Cut Their Forecasts After Q3 Results

Hasbro Inc HAS reported worse-than-expected sales for its third quarter on Thursday.

Hasbro reported a third-quarter FY23 sales decline of 10% year-on-year to $1.503 billion, missing the analyst consensus estimate of $1.644 billion. Adjusted EPS of $1.64 missed the analyst consensus estimate of $1.70.

Hasbro said it sees FY23 revenue to decline 13%-15%, versus previous view of down 3% - 6%, driven by a softer toy outlook in Consumer Products.

Hasbro shares fell 4.4% to trade at $46.23 on Friday.

These analysts made changes to their price targets on Hasbro following earnings announcement.

• DA Davidson cut the price target on Hasbro from $71 to $60. DA Davidson analyst Linda Bolton Weiser maintained a Buy rating.
• B of A Securities slashed the price target on Hasbro from $90 to $53. B of A Securities analyst Jason Haas downgraded the stock from Buy to Neutral.
• Morgan Stanley lowered the price target on Hasbro from $84 to $78. Morgan Stanley analyst Megan Alexander maintained an Overweight rating.

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