Mattel Inc. (MAT) PT Lowered to $17 at Jefferies Following 2Q Miss
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Price: $14.53 --0%
Rating Summary:
14 Buy, 11 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 22 | New: 31
Rating Summary:
14 Buy, 11 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 24 | Down: 22 | New: 31
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Jefferies lowered its price target on Mattel Inc. (NASDAQ: MAT) to $17.00 (from $19.00) while maintaining a Hold rating. Mattel's 2Q17 sales of $975M came in slightly below expectations with core sales down ex-Cars. EPS of ($0.14) was below consensus at ($0.09).
Jefferies revised the model to reflect lower core sales, Cars falling short by $50M, lower mix margins, up spend to instigate sales and higher interest on borrowings. The FY17 EPS estimate is now $0.62.
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