Mattel price target raised to $20 from $19 at Morgan Stanley

Morgan Stanley analyst Megan Alexander raised the firm’s price target on Mattel to $20 from $19 and keeps an Equal Weight rating on the shares. Softer Q4 sales and EPS were “largely expected,” though FY24 guidance was 3% above the Street and “much better than our previewed expectations,” the analyst tells investors. While the stock saw some outperformance last week on news of activist involvement, the firm gets the sense “most investors are brushing this off as noise, with fundamentals expected to continue to drive stock performance,” adds the analyst, who doesn’t see “much change in the narrative” following yesterday’s report.