Deutsche Bank Says Sell LeapFrog
Deutsche Bank reiterates sell on LeapFrog Enterprises (LF ).
Analyst Jeetil Patel says LeapFrog withdrew its previous 40 cents to 60 cents 2004 guidance on $680 million to $710 million in revenues, citing a weak Holiday toy retailing environment in the U.S.
Although he is already well below consensus, Patel cuts his 31 cents fourth-quarter earnings per share estimate to 23 cents and $315 million revenue to $293 million. He also cuts his 33 cents 2004 earnings per share estimate to 24 cents, and $699 million revenue to $677 million.
He maintains 2005 estimates although he believes the estimates are clearly at risk. He reiterates his sell rating and $8 target.
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