12:26 (Dow Jones) Beaten-down shares of DreamWorks Animation (DWA) are rising as Piper Jaffray makes an admittedly contrarian call in upgrading the cartoon maker to overweight and boosting its price target 15% to $23. "We think the time is right to start building positions in unloved DWA. Concerns about a weak DVD business are likely already in the stock while worries about an uncertain distribution deal and higher production costs are likely overdone. While details for a new distribution deal are scarce, our analysis suggests the most likely outcome" will add to DWA's earnings "and provide more flexibility for the company." Shares, which peaked nearly $45 two years ago, are up 2.8% today at $18.81. I opened a 1/3 position last week knowing it would fall further (they always do when i buy) and now i get this.SSchey (long a little DWA)
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