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DreamWorks Shares Slip After Downgrade

Shares in DreamWorks Animation SKG Inc. sunk nearly 5 percent Thursday after the studio was downgraded by UBS Investment Research.


Analyst Michael Morris downgraded shares in the Glendale-based animation studio which have been trading around $30 since early May noting “that the current share price exceeds the true intrinsic value of the company.”


DreamWorks’ share have risen more than 50 percent since mid January, driven by strong DVD sales of “Shrek the Third” and “Bee Movie.” The company also has scored with its latest release “Kung Fu Panda.”


Morris said that the $30 share price implies average domestic box office revenues of $202 million per film far above the studio’s average of $191 million.


Shares dipped 4.7 percent to $29.63 in early trading Thursday.

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