BofA/Merrill Lynch Reinstates DreamWorks Animation (DWA) at Neutral

BofA/Merrill Lynch reinstates coverage on DreamWorks Animation (NASDAQ: DWA) with a Neutral rating and a price target of $25.00. Shares were upgraded from the prior rating of Underperform.

Analyst Jessica Reif Cohen no longer ascribe a material probability of a merger with Hasbro and expects shares to get back to trading on fundamentals.

While they remain cautious on ongoing freanchise replenshiment efforts, they expect shares to trade in-line with the peer group given (1) the upcoming 11/26 release of Penguins of Madagascar and (2) what appears to be an active exploration of strategic alternatives.

For an analyst ratings summary and ratings history on DreamWorks Animation click here. For more ratings news on DreamWorks Animation click here.

Shares of DreamWorks Animation closed at $22.48 yesterday.

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