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Jefferies Downgrades 4 Kids Entertainment

Jefferies downgrades 4 Kids Entertainment (KDE) to hold from buy.

Analyst Robert Routh says his downgrade is based on valuation and the call has nothing to do with fundamentals. He lowered the rating to hold once the company reached his $22.66 12-month price target.

While new licensing agreements should prove good for 4 Kids Entertainment longer term as management builds pipeline and fundamentally things remain sound. He notes there is little clarity regarding the company's future financial performance, as management does not give guidance.

As a result, Routh won't adjust his price target until/unless more visibility develops. He sees $1.06 2005 earnings per share and $1.19 2006 earnings per share.

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