Needham & Company Upgrades Mattel Inc. (MAT) to Buy

Needham & Company upgraded Mattel Inc. (NASDAQ: MAT) from Hold to Buy with a price target of $42.00.

The firm comments, "We are raising our rating on MAT shares to Buy from Hold, driven by the fact that we believe retail sales of MAT’s products were better than the overall toy sector during the holiday season, and that it enters 2013 with decent momentum. MAT shares are relatively unchanged since our downgrade on September 19th, and traded in a fairly narrow range over the holiday season. We expect solid revenue and EPS growth in 2013. MAT’s current dividend yield is 3.3%, and we expect the dividend to increase in 2013. We believe a year from now, the stock could trade at $42, or more, implying a P/E of about 13.0x forward 12-month EPS."

For an analyst ratings summary and ratings history on Mattel Inc. click here. For more ratings news on Mattel Inc. click here.

Shares of Mattel Inc. closed at $36.72 yesterday.

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