Why Funko Stock Rocketed Higher on Thursday

The catalyst that sent the pop culture toy and accessory maker higher was bullish commentary by a Wall Street analyst. J.P. Morgan analyst Megan Alexander upgraded Funko stock to overweight (buy) from neutral (hold), while also boosting the investment bank's price target to $28, up from $25. The analyst believes investors have yet to fully appreciate the strength of Funko's sales rebound, led by the company's "stable of evergreen properties," which will act as a "consistent ballast to the business," particularly in a recessionary environment.