Hasbro stock plunges after BofA downgrade

Hasbro (HAS.US) stock tumbles over 8.0% at the beginning of new week following a double-downgrade to “underperform” from “buy” at Bank of America. Analysts at BofA slashed price target to $42 from $73 and pointed to the long-term value destruction of Hasbro "Magic: The Gathering" trading card game business which generates about 15% of the company's total revenue and accounts for 35% of EBITDA.

"We've spoken with several players, collectors, distributors and local games stores and have become aware of growing frustration. The primary concern is that Hasbro has been overproducing Magic cards which has propped up Hasbro’s recent results but is destroying the long-term value of the brand," analyst Jason Haas wrote in a client note. “Card prices are falling, game stores are losing money, collectors are liquidating and large retailers are cutting orders” he added.

MTG sales rose sharply during the pandemic, and the company wanted to maintain this trend with additional new releases throughout 2021 and 2022, however BofA analysts believe that this strategy may backfire as the company is focusing on extracting more revenue from each single player rather than attracting new users.

Hasbro (HAS.US) stock launched today's session with a bearish price gap and is currently approaching local support at 455.30 which is marked with 78.6% Fibonacci retracement of the upward wave launched in March 2020. Should break lower occur, downward move may deepen towards pandemic lows at $41.00. Source: xStation5

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Hasbro stock plunges after BofA downgrade

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