Morgan Stanley analyst Megan Alexander raised the firm’s price target on Mattel (MAT) to $22 from $21 and keeps an Equal Weight rating on the shares. “Strong” Q3 upside was “somewhat overshadowed” by Q4 EPS that was implied well below expectations based on full-year guidance, the analyst tells investors. While the guidance “could prove conservative,” it is too early to tell with the most important selling weeks ahead amid a shorter holiday season, impending election and ongoing consumer uncertainty, the analyst added.
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Read More on MAT:
- Mattel price target raised to $28 from $26 at BofA
- Mattel says raising FY24 savings target to $75M from $60M
- Mattel reports Q3 adjusted EPS $1.14, consensus 95c
- Mattel backs FY24 adjusted EPS view, lowers net sales view
- Mattel price target raised to $23 from $22 at JPMorgan
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