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DreamWorks Animation Stock Downgraded
Shares of DreamWorks Animation fell Thursday after an analyst at UBS downgraded the stock to “sell” status,” saying the company overvalues its box office performance. The stock firm lowered the stock from “neutral” status, saying the company’s current stock prices reflects an expected average domestic gross of $202 million, well above the current average of $191 million.
However, the box office performance of Kung Fu Panda, which opened Friday and exceeded expectations, prompted UBS to raise its target price for the stock by $2 to $29. DreamWorks shares fell about five percent in Thursday morning trading to $29.55.