Hasbro price target lowered to $60 from $71 at DA Davidson

DA Davidson analyst Linda Bolton Weiser lowered the firm’s price target on Hasbro (HAS) to $60 from $71 and keeps a Buy rating on the shares. The company’s operating profit exceeded the firm’s recently reduced estimate, but the management cut 2023 guidance due to a weaker outlook for Consumer Products sales, the analyst tells investors in a research note. The firm further notes that Mattel’s (MAT) categories performed better, plus Mattel is also gaining market share, which is why their POS was up mid-single digits in 3Q23 and up low-single digits year-to-date.