Goldman Sachs downgrades Funko, cites risks to toymaker's long-term growth plans

Goldman Sachs downgraded Funko to sell from neutral, citing the risky nature of its multi-year earnings target.

Goldman Sachs thinks it's time to dump Funko 's stock as the toymaker has little room for error to execute its long-term growth plans. Analyst Stephen Laszczyk downgraded the stock to sell from neutral and set his price target to $8.50, presenting a 30% downside from Tuesday's close. The analyst's old price target stood at $22.

"In order to achieve this, Funko, in our view, will need to successfully execute against a relatively complex series of initiatives, including extending current products lines, expanding into new product categories, building a larger retail presence in international markets, scaling a direct-to-consumer platform, and executing against implementing new and more efficient distribution systems," the analyst wrote in a client note on Tuesday.

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