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Sting 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, concerns about its next film and the overall home entertainment market. Greenfield said the firm’s upcoming “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.
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