NEW YORK (Hollywood Reporter) - Shares of DreamWorks Animation SKG Inc soared more than 25% Wednesday, a day after the Hollywood studio reported better-than-expected first-quarter earnings and a contract extension for CEO Jeffrey Katzenberg.
Several analysts also upgraded their ratings on the stock, saying concerns about future DVD sales and other challenges have been priced more than enough.
DWA shares closed up 25.2% at $23.87 on the Nasdaq, easily outpacing a broadly higher market.
Goldman Sachs analyst Ingrid Chung upgraded DWA shares to "buy" Wednesday, arguing that recent negative catalysts and earnings estimate cuts are now behind the company. She raised her price target to $27 from $23. Lazard also upgraded the stock to "buy."
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Thursday, April 30, 2009
DreamWorks Animation shares soar on earnings
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