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Mattel Inc. (MAT) PT Raised to $45 at DA Davidson

February 14, 2022 12:03 PM EST
Get Alerts MAT Hot Sheet
Price: $18.08 +1.12%

Rating Summary:
    15 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 14 | New: 17
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DA Davidson analyst Linda Bolton Weiser raised the price target on Mattel Inc. (NASDAQ: MAT) to $45.00 (from $38.00) while maintaining a Buy rating following strong Q4 results. The firm also raised 2023E EBITDA by 16%.

The analyst commented, "MAT reported a big 4Q21 upside surprise, guided to sales +8%-10% in 2022 (consensus was +4%), and revised up its 2023 targets, saying that EPS should exceed $1.90 (our estimate was $1.72). The turnaround is complete and the company is now entering the growth phase. Balance sheet deleveraging will now transition to strategic M&A and/or share repurchase. We are raising our 2023E EBITDA by 16% and boosting our PT to $45 from $38, based on 13x 2023E EBITDA of $1,354M. We think the stock is cheap at just 7.6x 2023E EBITDA, given the growth profile of the company. We reiterate our BUY ahead of the analyst meeting on February 18th."



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