JPMorgan downgrades toymaker Funko on disappointing earnings, uncertain future

There's uncertainty ahead for toymaker Funko , and investors should take note, according to JPMorgan. The firm downgraded shares of Funko to neutral from overweight and lowered its price target to $16 from $32. That implies downside of nearly 18% for the stock. The company on Thursday reported earnings that fell short of Wall Street's expectations and announced a less-than-rosy forward guidance.

"While the latter was somewhat expected given the tougher macro backdrop, well-known inventory challenges at retail, and lateral reports, the EPS cut was contrary to our preview and far worse than bearish expectations." Tough to endorse The company said that its direct sales are still strong and that its project miss in the fourth quarter is because retail de-stocking.

Their sales have boomed since Covid. Am I missing something?

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