Goldman Sachs analyst Michael Ng upgraded Mattel (MAT) to Buy from Neutral with a price target of $31, up from $30.
Against the backdrop of "increasing macroeconomic uncertainty," Mattel stands out in benefiting from company-specific demand drivers in television and film content releases, the returning Disney Princess toy license in 2023, and new product innovation, Ng tells investors in a research note. In addition, the company's fixed cost leverage, mid-2021 and upcoming mid-2022 price increases, and peaking cost inflation should be supportive of margins over the next two years, says the analyst.
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