Stifel lowered the firm’s price target on Mattel to $23 from $26 and keeps a Buy rating on the shares ahead of the company’s Q4 report due on February 7. 2024 guidance is expected to accompany this update, and likely suggests limited sales growth, says the analyst, who now forecasts FY24 adjusted EPS of $1.30, down from $1.50 previously, with the downward revisions based on more conservatism around retailer re-stocking. However, the firm still thinks the “stock can work higher, similar to 2009,” the analyst added.
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