Mattel Inc. (MAT) PT Lowered to $20 at Stifel Following Investor Day; Lower Estimates Reflect 'Fundamental Challenges & Limited Visibility on Timing & Magnitude of Recovery'

Stifel lowered its price target on Mattel Inc. (NASDAQ: MAT) to $20.00 (from $23.00) while maintaining a Hold rating, following the company's investor day last week.

Analyst Drew Crum notes a cautious outlook on the company following investor day last week, as management cut the quarterly dividend, reduced second quarter and 2017 guidance, while projection low single digit net revenue growth for both periods.

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