Mattel price target raised to $25 from $24 at JPMorgan

JPMorgan analyst Megan Alexander raised the firm’s price target on Mattel to $25 from $24 and keeps an Overweight rating on the shares. The analyst says that despite a “nice” sales and margin beat, Mattel’s earnings release came in below expectations that rose into the print due to the excitement generated by the recent Barbie movie release against ongoing industry softness. The firm believes Mattel’s retailer inventory de-stocking is largely complete and that second half of 2023 billings will follow historical trends.