UPDATE: Goldman Sachs Upgrades Mattel Inc. (MAT) to Buy

July 10, 2022 8:29 PM EDT
Get Alerts MAT Hot Sheet
Price: $17.99 -0.66%

Rating Summary:
    15 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 5 | New: 0
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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."

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 $23.04 yesterday.

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