- D.A. Davidson analyst Linda Bolton Weiser has reiterated a Buy rating on the shares of Funko Inc FNKO with a price target of $20.00.
- The toy collectibles maker announced yesterday that its founder and former CEO Brian Mariotti is stepping in as the new CEO, with Andrew Perlmutter moving down to his previous President role.
- The company expects the leadership changes to drive enhanced returns for stockholders and best position it to capture future growth opportunities.
- The analyst said the departing CFO Fall Jung did a good job over the last few years in re-building FNKO's credibility and re-creating a consistent beat-and-raise cadence in reported results.
- The Board, the analyst added, is also creating a new role of COO and will work to identify a world-class executive to fill that role and lead the company's operational improvements.
- Funko has engaged Steve Nave as a consultant who will work full-time alongside the management team to drive strategic and operational execution.
- The analyst noted Nave brings decades of leadership experience in retail, consumer, and e-commerce with a track record of leading companies through significant growth.
- The analyst believes Jesse Jacobs, a Funko director and co-founder and Partner of TCG, which owns about 25% of FNKO, was instrumental in bringing about these changes.
- Swift action to bring in new operational talent increases the analyst's confidence that the company can resolve the issues in its distribution center.
- Also See: Funko Lands In Snoop Dogg's 'Tha Dogg House' In New Retail Experience
- Price Action: FNKO shares are trading higher by 2.89% at $10.69 on the last check Tuesday.
- Photo Via Company
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