Mattel Inc. (MAT) PT Lowered to $17 at Jefferies Following 2Q Miss
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Price: $13.74 --0%
Rating Summary:
13 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 5 | New: 15
Rating Summary:
13 Buy, 12 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 5 | New: 15
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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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