UPDATE: Stifel Upgrades Mattel Inc. (MAT) to Buy
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Stifel analyst Drew E. Crum upgraded Mattel Inc. (NASDAQ: MAT) from Hold to Buy with a price target of $33.00 (from $27.00).
The analyst comments "We are raising our investment rating on the shares of Mattel from Hold to Buy, with a $33/share target price objective. The basis for our upgrade reflects increasing confidence around the company's ability to meet or exceed its intermediate-term goals (through '23). This is underpinned by several initiatives to drive sales growth, while leverage/mix/cost savings should yield further margin gains and improving cash flow generation. And if accurate with our assumptions, the financial profile of the business would resemble 2012-'13, a period in which MAT traded at $40+/share, suggesting meaningful potential upside from current levels."
Shares of Mattel Inc. closed at $23.92 yesterday.
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