UPDATE: Argus Upgrades Mattel Inc. (MAT) to Buy
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Argus analyst Kristina Ruggeri upgraded Mattel Inc. (NASDAQ: MAT) from Hold to Buy with a price target of $22.00.
The analyst comments "We are raising our rating on Mattel Inc. (NGS: MAT) to BUY from HOLD. We believe that Mattel has turned the corner in its efforts to become an IP-driven toy company - transforming its business with help from a new film franchise. To boost demand for its toys, Mattel is developing live-action films with major studios (Sony, Warner Brothers, Paramount and MJM) as well as animated programming on Netflix. It is also expanding agreements with Disney and Pixar to develop products for future films. In addition, Mattel has stepped up efforts to increase online sales (up 40% in 4Q) following the bankruptcy of Toys 'R' Us."
Shares of Mattel Inc. closed at $18.71 yesterday.
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