Funko Downgraded To Underperform From Market Perform At BMO Capital

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BMO Capital analyst Gerrick Johnson downgraded Funko to Underperform from Market Perform with a price target of $5, down from $6.50.

Investors have recently bid up shares in anticipation of new entertainment in 2021, which should drive sales of the company's collectible and pop culture products, Johnson tells investors in a research note. However, the Funko Pop! form factor is losing appeal with consumers, and "thus the anticipated boost could be overstated," says the analyst.

As a result, Johnson thinks Funko shares are overvalued.

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