Shares in DreamWorks Animation fell more than $4 in early morning trading Wednesday after Piper Jaffray downgraded the toon studio’s stock to “underweight” from “neutral.” Company also set a target price of $19 for DWA’s shares, which closed at $35.20 on Tuesday.

Analysts at B. Riley were less harsh, remaining “neutral” on the stock and dropping their price targets to $33.50 from $32, in its own report released Wednesday.

In January, analysts at Zacks upgraded the stock from “neutral” to “outperform,” and has a $38.70 price target, while Morgan Stanley, in December, issued a price target of $31 and an “underweight” rating.

Cowen & Co. analyst Doug Creutz said that the firm “is inclined to stay on the sidelines” and rates DWA’s stock at “market perform,” given that the company’s TV business is not expected to grow until 2015, and the rest of this year will be dependent on the performance of “Mr. Peabody & Sherman,” “How to Train Your Dragon 2,” and “Home.”

DWA announced fourth quarter and full year 2013 earnings results on Tuesday.

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The stock immediately took a tumble Wednesday morning, falling 12.59% to $30.77 shortly after the market opened.

It was trading at $30.67 at 10 a.m. PST, down $4.53, losing nearly 12.9%.

The stock closed at $30.91, losing $4.29 or nearly 12.2%.

Over the past year, DWA’s stock has reached a low of $15.90 and a high of $36.01.