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JPMorgan Initiates Mattel At Overweight, Hasbro At Neutral

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JPMorgan has started coverage of toy makers Mattel, Inc. MAT 0.43% with Overweight and Hasbro, Inc. HAS 0.38% with a Neutral rating.


Analyst Kevin Milota in a note said, "We are attracted to the MAT investment story, as we believe the investor narrative will soon shift from one that is currently centered on the revenue stabilization efforts undergoing in 2016, to the one that is focused on the company's top-line and operating profit growth prospects in 2017 and 2018."

Milota, who has a price target of $38 on Mattel, believes management has proven its ability to effectively right-size its expense structure through its multi-year cost operational excellence program (and will see $300 million in cumulative cost savings by...