Analysts at D.A. Davidson have initiated toy and collectibles company Funko Inc. at buy with a $29 price target, citing the nine-year-long growth streak for the Pop! Vinyl figures, which account for 65% of the company’s sales. The toys are still growing at more than 20%, with increased shelf space and expansion across geographies, channels and categories contributing. Funko went public in November 2017; shares have soared 113% over the past year, while the S&P 500 index has gained 7.4% for the period. “Funko has a diverse and evolving portfolio of ~1,100 unique licenses, which it manages with a ‘fast fashion’ approach, able to get new products on the water in as few as 70 days,” wrote D.A. Davidson. “In 2018, 47% of sales were from evergreen properties, and its number one property, Harry Potter, was only 6% of sales. Its consumers are 70% adults, 51% female/49% male, with average age of 35.”Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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