Mattel price target lowered to $24 from $26 at Citi

Citi analyst James Hardiman lowered the firm’s price target on Mattel to $24 from $26 and keeps a Buy rating on the shares. The stock sold off post earrings as a big Barbie-driven beat was largely offset by a weaker than expected implied guide for Q4, as industry expectations and the non-Barbie business were again lowered for the year, the analyst tells investors in a research note. The firm says that while the net nickel raise to the year seems a bit conservative, the bigger question becomes whether or not Mattel can grow next year following the big Barbie movie benefit.