Wednesday, September 22, 2021

ANALYST TO DREAMWORKS ANIMATION SHAREHOLDERS: SELL

June 1, 2011 by · Leave a Comment 

Richard Greenfield

Although Kung Fu Panda took in a decent if unimpressive $60.9 million over the weekend, BTIG analyst Richard Greenfield lowered his 2011 and 2012 for DreamWorks Animation’s stock performance and reiterated his “sell” recommendation. In a note to clients, Greenfield said, “Despite Kung Fu Panda 2 being in 3D this past weekend, its first five-day box office domestically was 6 percent lower than the first five days of 2D- only Kung Fu Panda released in 2008, with 26 percent lower attendance.” Greenfield has been warning that the movie industry’s love affair with 3D has gone bad, that studios are spending more money to produce 3D fare at a time when many families are avoiding the high costs of seeing them. In his latest note, he observed that KFP2′s three-day gross of $22 million compares to $33 million for DWA’s Monsters vs. Aliens in 2009 — when 3D was more of a novelty. MvA, he noted, was not considered a success.