UPDATE: Goldman Sachs Upgrades Mattel Inc. (MAT) to Buy
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(Updated - July 11, 2022 6:10 AM EDT)
Goldman Sachs analyst Michael Ng upgraded Mattel Inc. (NASDAQ: MAT) from Neutral to Buy with a price target of $31.00 (from $30.00).
The analyst comments "We upgrade Mattel (MAT) to Buy from Neutral with a new 12-month target price of $31 (v. $30 prior). Against the backdrop of increasing macroeconomic uncertainty, we believe that MAT stands out in benefiting from several company specific demand drivers in TV & film content releases, the returning Disney Princess toy license in 2023, and new product innovation. Further, MAT's fixed cost leverage, mid-2021 and upcoming mid-2022 price increases, and peaking cost inflation should be supportive of margins over the next 2 years. We gain confidence in MAT's 2022 guidance for 8-10% constant currency revenue growth and EPS of $1.42-$1.48 as well as its 2023 goals of HSD constant currency revenue growth, EBIT margins of 16-17%, and EPS >$1.90."
Shares of Mattel Inc. closed at $23.04 yesterday.
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