Digest: DreamWorks sting; Entravision bump
EmptySting for DreamWorks Ani
Pali Research analyst Richard Greenfield cut his rating on DreamWorks Animation shares from "buy" to "neutral," citing the stock's recent run-up and concerns about its next film and the overall home entertainment market. Greenfield said the firm's upcoming "The Bee Movie" likely will skew older than a typical CGI film and "may not 'travel' as well as expected overseas." As a result, he now forecasts a U.S. boxoffice take of $183 million, down from $196 million, with international revenue of $146 million, down from $206 million. The analyst also noted that DWA shares have risen close to his previous $35 price target. DWA led Wednesday's decliners on The Hollywood Reporter's Showbiz 50, closing down 6.1% at $32.59.
Entravision gets a bump
Miller Tabak + Co. analyst David Joyce on Wednesday raised his price target on shares of Spanish-language broadcaster Entravision Communications by $1.50 to $12. The move reflects his rollover of the firm's current multiple to next year, with Joyce adding that there is "potential estimate upside in (the 2008) election year" from political advertising targeting Latinos. Entravision shares closed down 0.3% on Wednesday at $10.04.
Yahoo shopping Kelkoo?
Yahoo looks to be mulling its options for Kelkoo, its Paris-based online shopping comparison site. Yahoo declined comment on a Financial Times report that it is mulling a sale of Kelkoo. A spokesman said "one of the priorities we have identified is improving the performance of Kelkoo," with a current focus on figuring out the right leadership for the business. Yahoo acquired the firm in 2004 for €475 million.