Why Mattel (MAT) Stock Price Is Up 10% Today
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Mattel (NASDAQ: MAT) stock price is up over 10% today after the company announced it secured a license to produce toys on Disney’s princess lineup and the ‘Frozen’ franchise.
This way, the license returns to Mattel after losing it to rival Hasbro (NYSE: HAS) in 2016. The company will start selling Disney-branded products next year.
“We are incredibly proud to welcome back the Disney Princess and Frozen lines to Mattel,” said Richard Dickson, President and Chief Operating Officer, Mattel. “As the worldwide leader in dolls, we look forward to bringing our unique Mattel Playbook approach to brand management, product and marketing expertise, and unrelenting attention to detail and quality to create innovative and inspiring lines for these iconic stories and characters.”
Jefferies analyst Stephanie Wissink believes that the “impact to HAS is loss of revenue but very small hit to profits ($20m); net benefit to MAT is bigger.” Wissink rates MAT at Hold with a $23.00 per share price target.
Mattel stock price is now trading unchanged YTD.
By Senad Karaahmetovic | [email protected]
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Related EntitiesJefferies & Co, Senad Karaahmetovic
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