Spin Master downgraded to Hold from Buy at Stifel

Stifel analyst Martin Landry downgraded Spin Master (SNMSF) to Hold from Buy with a price target of C$25, down from C$33, after the company reported Q2 results “materially below” consensus estimates. Management pointed to “a gloomy outlook” due to retailers de-stocking inventory and sourcing domestically and while these issues were expected given comments from Hasbro (HAS) and Mattel (MAT) during their Q2 calls, the impact is worse than previously expected and the firm’s forecasts now suggest that Spin Master’s EPS could decline year-over-year for a third consecutive year, the analyst tells investors.