Funko price target raised to $10.50 from $9.50 at DA Davidson

DA Davidson raised the firm’s price target on Funko to $10.50 from $9.50 and keeps a Buy rating on the shares. The analyst cites the company’s Q3 sales and EBITDA upside, along with sequential expansion in Funko’s gross margins. The firm adds that the company’s SG&A expense in dollars should come down more in Q4 as the August workforce reduction is more fully reflected.