Analyst Megan Alexander initiated the stock with an overweight rating and assigned it a price target of $27.
Toymaker Mattel can shine even as the environment for consumer companies looks shaky, according to Morgan Stanley. Analyst Megan Alexander initiated Mattel with an overweight rating, calling it a top pick, and assigned the the stock a price target of $27. That suggests the stock could gain 27.2% over the next 12 months. Alexander noted that headwinds reflecting the tough macroeconomic outlook are partly priced into the stock, but that revisions haven't bottomed yet.
Morgan Stanley's 2023 and 2024 earnings-per-share estimates for Mattel are 11% and 8%, respectively, above consensus, driven by gross margin and benefits from higher capital returns with the company's stronger balance sheet and accelerating free cash flow. Shares of Mattel rose 1.9% in premarket trading. The stock has soared nearly 19% this year, boosted by the success of its live-action "Barbie" film which topped $1 billion globally at the box office.
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