Needham & Company Downgrades Mattel Inc. (MAT) to Hold, Cautious into Holidays
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Price: $15.03 +1.01%
Rating Summary:
14 Buy, 11 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
14 Buy, 11 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company downgraded Mattel Inc. (NASDAQ: MAT) from Buy to Hold Saying they are more cautious as holiday season approaches and retail toy sales remain weak.
"Our price target on MAT shares was $38, a price we expected the stock to reach by late 2013," the analyst comments. "The shares, having risen nearly 30% YTD, are within 6% of that target, within the threshold of our Buy ratings. With industry-wide retail sales continuing to be weak, and consumers possibly "distracted" until after the election, we are downgrading to Hold ratings on all toy stocks we cover. In addition to industry-wide concerns (detailed in a separate note, and summarized herein), we also note that Mattel is vulnerable to slow sales of Fisher-Price preschool products. Barbie has been solid and Monster High has been very strong. We are maintaining our EPS estimates, but believe the potential for negative surprise has been rising.
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 $35.99 yesterday.
"Our price target on MAT shares was $38, a price we expected the stock to reach by late 2013," the analyst comments. "The shares, having risen nearly 30% YTD, are within 6% of that target, within the threshold of our Buy ratings. With industry-wide retail sales continuing to be weak, and consumers possibly "distracted" until after the election, we are downgrading to Hold ratings on all toy stocks we cover. In addition to industry-wide concerns (detailed in a separate note, and summarized herein), we also note that Mattel is vulnerable to slow sales of Fisher-Price preschool products. Barbie has been solid and Monster High has been very strong. We are maintaining our EPS estimates, but believe the potential for negative surprise has been rising.
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 $35.99 yesterday.
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