Hasbro upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Hasbro to Overweight from Neutral with a price target of $74, up from $61. after meeting with management. The firm believes consensus cost efficiency and digital gaming forecasts remain too low while both should ramp into the second half of 2024. The toy industry is positioned for better growth this year despite a shortened holiday season as “green shoots” in low ticket and short replacement cycle categories “continue to sprout” while these retailers pivot towards driving traffic around events, the analyst tells investors in a research note. JPMorgan believes Hasbro is positioned better in the second half of 2024 given the shift of Transformers to Q3 from Q2 and early benefits from improved merchandising.