Mattel price target raised to $26 from $25 at BofA

BofA analyst Alexander Perry raised the firm’s price target on Mattel to $26 from $25 and keeps a Buy rating on the shares after the company reported Q1 losses that were ahead of the firm’s forecast on significant gross margin upside. Following the report, the firm is raising its calendar 2024 EPS forecast to $1.44 from $1.40, which reflects a 2% sales increase in Q2 as Mattel laps channel destocking from last year, a 3% decline in sales in Q3 given tough Barbie comps, and relatively flat Q4 sales given expected share gains and shelf expansion for key brands at retail through holiday.