Hasbro says expects to deliver $100M in annual savings by 2015 Says emerging markets now over 10% of total sales. Says targeting double digit growth in emerging markets. Says planning to re-invent "Transformers" brand. Says still in the early stages of turning around Games unit. Comments made at the company's Investor Day.
Hasbro downgraded to Neutral from Overweight at Piper Jaffray Piper Jaffray downgraded Hasbro to Neutral saying shares are trading at peak multiples. Piper views the stock as fairly valued based on current expectations following the company's Q2 results. It raised its price target for shares to $85 from $79.
Hasbro reports Q2 Boys revenue up 1% to $340.4M Q2 Boys revenue driven by gains in nerf brands, as well as shipments in support of Jurassic World and growth in Marvel and Star Wars products. Reports Q2 Girls revenue down 22% to $127.5M, with Furby the leading driver of the decline. Reports Q2 Games revenue down 6% to $211.6M. Reports Q2 Preschool revenue up 14% to $118.1M.