Goldman Sachs upgraded Mattel stock to “buy” from “neutral”
Mattel Inc (NASDAQ:MAT) is up 1.6% to trade at $23.12 at last check, after Goldman Sachs upgraded the stock to “buy” from “neutral” with a $1 price-target hike to $31. The firm praised the toy maker as a stand-out amid “increasing macroeconomic uncertainty,” citing the returning Disney Princess toy license in 2023, new production innovation, and price increases.
Earlier jumping as high as $23.87 this morning, the shares are struggling with that $24 level, having run up to it in late June as well. The 50-day moving average has also emerged as a stiff ceiling at that level as well. Year-to-date, the equity is up 8%.
Goldman Sachs is joining an already bullish group of analysts, with six of the eight in coverage calling MAT a “strong buy,” coming into today. Plus, the 12-month consensus price target of $32.27 is a 40.3% premium to current levels.
Meanwhile, short interest represents 5.6% of the stock’s available float. In other words, it would take six days to buy back these bearish bets, at MAT’s average daily pace of trading.
Image and article originally from www.schaeffersresearch.com. Read the original article here.