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Funko Gains on Upgrade at JPMorgan Based on Resilient Toy Demand

By Sam Boughedda Shares of Funko (NASDAQ:FNKO) jumped more than 7% in early Thursday trading after JPMorgan analyst Megan Alexander upgraded the stock to Overweight from Neutral,...
Funko Gains on Upgrade at JPMorgan Based on Resilient Toy Demand © Reuters. Funko (FNKO) Gains on Upgrade at JPMorgan Based On Resilient Toy Demand

By Sam Boughedda

Shares of Funko (NASDAQ:FNKO) jumped more than 7% in early Thursday trading after JPMorgan analyst Megan Alexander upgraded the stock to Overweight from Neutral, increasing the price target to $28 from $22.

Alexander based the upgrade of the stock on four key reasons.

"We are upgrading FNKO to Overweight and raising our Dec 22 PT to $28 based on: (1) expected upside to Street 2022 revenue estimates (and the roll to 2023) given the strong content rebound with FNKO's stable of evergreen properties (~67% of sales in 2021) providing a consistent ballast to the business; (2) the margin outlook flipping to positive from negative over the balance of the year with expansion expected in 2023; (3) the toy category's resilience in recessionary periods, along with FNKO's even lower price points (<$12) allowing it to be a 'guilty pleasure' for parents and 'fans' even during times of economic distress; and (4) attractive valuation," wrote the analyst. "FNKO is trading at ~10x P/E and ~5.5x EV/EBITDA on our 2023 estimates, which compares to larger toy peers trading, on average, at ~15x and ~8x, respectively, despite FNKO's higher topline growth expectations."

JPMorgan believes toy demand remains strong, with Target (NYSE:TGT) and Costco (NASDAQ:COST) calling out the category. In addition, when conducting research, a call with toy expert Lutz Muller revealed that his data shows "April and May POS growth of 40% for FNKO with broad-based strength across geographies and categories."

"Our December 2022 PT of $28 is based on 13x P/E and ~7.5x EV/EBITDA on our FY23 estimates, still conservatively below peers but in-line with its historical valuation on an EV/EBITDA basis. This represents 33% upside," added Alexander.

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03-07-2022 05:53:43 (UTC+7)

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    EUR/USD 1.0429 Neutral  
    GBP/USD 1.2098 ↑ Buy  
    USD/JPY 135.21 ↑ Sell  
    AUD/USD 0.6816 ↑ Sell  
    USD/CAD 1.2888 Buy  
    EUR/JPY 140.98 Neutral  
    EUR/CHF 1.0007 ↑ Sell  
    Gold 1,812.90 ↑ Buy  
    Silver 19.823 ↑ Buy  
    Copper 3.6138 Neutral  
    Crude Oil WTI 108.46 ↑ Sell  
    Brent Oil 111.48 ↑ Sell  
    Natural Gas 5.620 ↑ Sell  
    US Coffee C 223.95 ↑ Sell  
    Euro Stoxx 50 3,448.31 ↑ Buy  
    S&P 500 3,825.33 ↑ Buy  
    DAX 12,813.03 Buy  
    FTSE 100 7,168.65 ↑ Buy  
    Hang Seng 21,859.79 Sell  
    Small Cap 2000 1,727.76 ↑ Buy  
    IBEX 35 8,176.10 ↑ Buy  
    BASF 41.270 ↑ Buy  
    Bayer 57.35 ↑ Buy  
    Allianz 182.00 ↑ Sell  
    Adidas 167.64 ↑ Sell  
    Lufthansa 5.566 ↑ Sell  
    Siemens AG 96.00 ↑ Buy  
    Deutsche Bank AG 8.053 ↑ Buy  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,800/ 6,860
(6,800/ 6,860) # 1,805
SJC HCM6,820/ 6,880
(0/ 0) # 1,766
SJC Hanoi6,820/ 6,882
(0/ 0) # 1,768
SJC Danang6,820/ 6,882
(0/ 0) # 1,768
SJC Nhatrang6,820/ 6,882
(0/ 0) # 1,768
SJC Cantho6,820/ 6,882
(0/ 0) # 1,768
Cập nhật 03-07-2022 05:53:45
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Cập nhật lúc 18:49:42 02/07/2022
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