After rising more than 23% during 2008, LeapFrog Enterprises, Inc. (NYSE:LF) shares are hopping backward after the electronic toy company was downgraded to “market perform” from “outperform” by BMO Capital Markets. Analysts at Wedbush Morgan reiterated a “hold” rating on the Emeryville, Calif.-based company.

LeapFrog reported late Monday that it clocked $58.3 million in first-quarter revenue, which beat Wall Street’s expectation of $52.2 million. The firm’s quarterly loss totaled $0.43 per share, which was also better than analysts’ projection of losing $0.48 per share.

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