Hasbro's stock took an unexpected tumble after an analyst warned about problems with Magic: The Gathering:
Hasbro's stock took an unexpected tumble this week after a Bank of America analyst issued a dire outlook about Magic: The Gathering's aggressive release schedule and strategy. Hasbro's stock slid nearly 10% on Monday after analyst Jason Haas downgraded Hasbro's stock outlook from"buy" to"underperform." The reason for this rare"double-downgrade" was due to a deep dive on Hasbro's recent strategy on its Magic: The Gathering releases.
One such example of this is the $999 30th Anniversary Set, which contains reprints of several rare"Restricted" cards such as the infamous Black Lotus card."Not only is the price excessively high," Haas noted."But the set also includes Reserved List cards which Hasbro had promised to never reprint. This has created panic among collectors and we're seeing collections being liquidated now that the scarcity value of Magic is in question.
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