VIDEO: 'Panda' kick-starts DWA shares
Shares of DreamWorks Animation were Wednesday's second-biggest gainer on The Hollywood Reporter Showbiz 50 stock index courtesy of an upgrade from an analyst who likes the prospects for "Kung Fu Panda."
The film, with its martial arts premise, "will have strong appeal particularly among boys," said Pali Research analyst Richard Greenfield, who put a $32 price target on shares in upgrading the stock to a "buy."
"The lead panda character, voiced by Jack Black, is very entertaining," he said.
Greenfield raised his worldwide boxoffice prediction for "Panda" from $534 million to $563 million and increased his DVD sales assumption from 25 million units to 28 million.
"We believe 2008 could be the year in which DWA goes from a one-trick pony ("Shrek") to a studio with multiple franchises," he said.
Shares of DWA, run by CEO Jeffrey Katzenberg rose 6.3% on Wednesday to $25.11.