Mattel price target lowered to $23 from $25 at BofA

BofA analyst Jason Haas lowered the firm’s price target on Mattel to $23 from $25 and keeps a Buy rating on the shares after the company reported a Q3 EPS beat driven by better revenue, better gross margins and better operating margin. The raised EPS guidance “looks conservative” after the Q3 beat, says the analyst, who is raising the firm’s 2023 EPS estimate to $1.30 from $1.20, but lowering the firm’s target given lower peer multiples.