NEW YORK (TheStreet) - DreamWorks Animation SKG (DWA) just can't catch a break.
Its latest attempt at a blockbuster, How to Train Your Dragon 2, fell short of expectations in its opening weekend prompting analysts to lower their box office forecasts for the sequel to the film featuring Hiccup and Toothless on the island of Berk.
Cowen analysts Doug Creutz and Stephen Glagola lowered their U.S. box office estimate for the film to $180 million from its pre-release forecast of $250 million in an investor report published June 24.
The revised numbers come as the film posted a disappointing second week, $25.3 million in tickets sales, despite grossing over $172 million worldwide according to global media measurement company Rentrak (RENT).
With a series of titles failing to meet expectations, Cowen suggests DreamWorks is becoming an unattractive stock. Indeed, shares are down over 36% since January compared to the S&P 500
Three of the last four original Dreamworks pictures prompted the company to have to take writedowns, while two of the last three films were genuine flops. Mr. Peabody and Sherman, which came out earlier this year, forced Dreamworks to write off $57 million while 2013's Turbo suffered a $13.5 million writedown and the dubious distinction of being one of the lowest grossing films in the history of the company.