Morgan Joseph Initiates Coverage on Mattel (MAT) with a Buy
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Morgan Joseph initiates coverage on Mattel (NYSE: MAT) with a Buy. Price target $20.
Morgan analyst says, "With 600 years of brand power and 45% of the top 20 annual toy properties, Mattel boasts the most prolific profile of brand offerings and remains the top manufacturer of toys worldwide. Our $20 price target reflects a 13x P/E multiple (in-line with its five year historical average) to our 2010 EPS estimate. Shares also offer investors a 5% annual dividend for a total projected return of about 27%."
"Turnaround in the making and the future looks bright. With legal expenses tied to lead paint and Bratz litigation potentially winding down, cost initiatives expected to take hold, and a dominant market position within a typically somewhat recession-resistant industry, double-digit EPS growth appears to be in the making over the next few years."
To see more analyst ratings on MAT Click Here.
Mattel, Inc. (Mattel) designs, manufactures and markets toy products worldwide through sales to customers and directly to consumers.
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